Buyer's shares soar nearly 8% after Google Domains takeover

Investment 02 Sep 2023 02:58:12 PM By:DN platform editor
Abstract:

Squarespace has announced a $180 million deal with Google Domains, acquiring millions of Google-owned domain names. Google entered the domain registration service market in 2014 and, in just nine years, has rapidly become the fifth-largest

Squarespace has announced a $180 million deal with Google Domains, acquiring millions of Google-owned domain names. Google entered the domain registration service market in 2014 and, in just nine years, has rapidly become the fifth-largest .com domain registrar, with approximately 10 million domains on its platform. More than half of these domains are .com domains.

Buyer's shares soar nearly 8% after Google Domains takeover

Google Domains Homepage

Squarespace is a well-known American website creation and hosting platform company that offers users intuitive website editing tools and a wide range of templates to help them create personalized, professionally designed websites.

Squarespace Homepage

Under this agreement, Squarespace will offer existing customers at least 12 months of renewal pricing for Google Domains.

Squarespace will also become the exclusive domain provider for all customers who purchase domains from Google and subscribe to Workspace, with a minimum validity period of three years.

The transaction is expected to be completed in the third quarter.

Following the announcement, on June 16th, Squarespace's stock soared by 8.79% to $34.15 after the opening bell at 9:33 am. The stock's lowest point in the past five days was $29.93 on June 15th, and the highest price was $34.15 on June 16th. It is expected to rise further in the future, and we are eagerly awaiting the developments. As of June 16th, the stock price stands at $32.76.

In a statement, the company noted, "While most of the benefits of this transaction will be realized in 2024 and beyond, Squarespace believes that over time, this deal will bring meaningful growth to its business from both a revenue and free cash flow perspective."

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Buyer's shares soar nearly 8% after Google Domains takeover