IAC Shares Up 7% After Announcing Plans to Acquire Meredith for $2.7 Billion
<p><a href='https://financialmodelingprep.com/financial-summary/IAC'>IAC/InterActiveCorp (NASDAQ:IAC) </a>shares closed with a 7.78% gain on Thursday following the company’s announcement, according to which it plans to acquire Meredith Corp's National Media Group (its digital media and print businesses), and merge it with its Dotdash publishing unit. </p>
<p>The terms of the deal are quite attractive for the company, and the combination is squarely in the company's wheelhouse of digital transformation. Meredith is approximately 8x/4x larger than Dotdash in terms of revenue and Adj. EBITDA, respectively. The combined entity will become the largest contributor to both the company's revenue and Adj. EBITDA. </p>
<p>The deal will be funded with cash and up to $1.6 billion of debt. Despite the size of the acquisition, management is confident the deal would not limit the ability to participate in further acquisitions which remains an important part of the company’s growth story.</p>

NASDAQ:IAC