Reporting by Kritika Lamba in Bengaluru; Editing by Vijay Kishore
This week on Reuters
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Ziff Davis to sell connectivity division to Accenture for $1.2 billion.
deals & business :: 11hrs ago :: source - reuters
By Reuters
The logo of Irish services and consulting company Accenture is
seen at an temporary office during the World Economic Forum 2022 (WEF)
in the Alpine resort of Davos, Switzerland May 25, 2022. REUTERS/Arnd
Wiegmann
(Reuters) - Ziff Davis (ZD.O) said on Tuesday it has agreed to sell its Connectivity division — the unit behind brands such as Ookla, Speedtest and Downdetector — to Accenture (ACN.N) for $1.2 billion in cash.
Shares of Ziff Davis rose more than 45% in premarket trading.
Proceeds from the transaction are expected to be used for general corporate purposes and capital allocation activities, in line with the firm's debt agreements, Ziff Davis said.
The company added the transaction is expected to close in the coming months.
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