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Sept 25 (Reuters) - Event planning company XO Group Inc will merge with wedding planning group WeddingWire Inc in a $933 million deal, the company said on Tuesday.
XO shareholders will receive $35.00 per share in cash, representing a 27 percent premium to the stock’s Monday closing price. XO shares jumped 23 percent to $34.05 in premarket trading.
The combined company will be owned by WeddingWire investors Permira Funds and Spectrum Equity, which will also finance the acquisition.
XO Group Chief Executive Officer Mike Steib and WeddingWire CEO Tim Chi will become co-CEOs of the merged group, which will maintain XO’s The Knot and WeddingWire as separate brands.
Allen & Co LLC is XO’s financial adviser, while J.P. Morgan Securities LLC is advising WeddingWire. (Reporting by Akanksha Rana in Bengaluru; Editing by Sai Sachin Ravikumar)