Web.com sale talks in holding pattern, source says
20 JUL 2017
Web.com [NASDAQ:WEB] is not moving forward with a sale at this time, according to a source familiar with the matter and a sector advisor.
It remains to be seen whether the Jacksonville, Florida-based developer of websites for small businesses ultimately sells, the source said, adding that no transaction is expected in the near term. The sector advisor said he heard the process had busted.
In May, Reuters reported that Web.com was holding discussions with private equity firms in response to inbound approaches. The report said the talks were at an early stage.
Web.com’s stock has jumped over 30% since July 2016 to give the company a close to USD 1.3bn market cap. The company is scheduled to report 2Q17 results on 3 August.
A spokesperson for the company declined to comment.
A spokesperson for the company declined to comment.