Silver Lake Partners and GIC signed a deal with to buy substantial equitystakes from existing equity holders at a value of about $2.6 billion.
Following the transaction, Silver Lake and GIC will hold equalminority ownership positions in Ancestry, while other current investors — the Permirafunds, Spectrum Equity and Ancestry management, including President and CEO TimSullivan and CFO and COO Howard Hochhauser — will remain as meaningful equity investorsin Ancestry and, along with GIC, will continue to own a majority of Ancestry.
In connection with, and contingent on the closing of the investment,Ancestry plans to offer a liquidity opportunity to employees who own shares or vestedoptions. Ancestry and certain affiliated entities will offer to purchase from suchemployees any or all vested shares or options at the same value per share as paidin the investment. The closing of the employee tender offer is expected to be approximatelysimultaneous with, and will be conditioned upon, the closing of the investment,though the expiration of the tender offer is expected to occur before the closing.