WeddingWire to buy XO Group for $933 million
Photo: JC Olivera via Getty Images for Stellar
WeddingWire — a Chevy Chase, Maryland-based portfolio company of Permira and Spectrum Equity Investors — has agreed to buy XO Group (NYSE: XOXO), owner of TheKnot.com, for $933 million, or $35 per share (27% premium to Monday’s close).
The big picture: There were reportedly around 2.2 million weddings in the U.S. last year with a total spend of over $56 billion. Per the WSJ's Kimberly Chin, "Both brands will be operated as separate consumer products so that wedding professionals and their partners can have both offerings, XO Group said Tuesday. XO Group Chief Executive Mike Steib and WeddingWire CEO Tim Chi will also become co-CEOs of the combined company upon the deal’s completion."