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Internet Brands Taps Bank of America for Hellman & Friedman 640 Million LBO

Sep 20th, 2010 - Internet Brands Inc., the media company started by Idealab that owns and operates more than 100 websites, got commitments from four banks to help pay for its $640 million leveraged buyout by Hellman & Friedman.

Bank of America Corp., Bank of Montreal, General Electric Capital Corp. and Royal Bank of Canada agreed to provide debt financing for the transaction, the El Segundo, California-based Internet Brands said in a statement today.
Hellman & Friedman, a private-equity firm with offices in New York, London and San Francisco that is currently investing a fund with more than $8 billion of committed capital, agreed to acquire Internet Brands for $13.35 a share, 46.5 percent more than the $9.11 close on Sept. 17 in Nasdaq Stock Market trading, according to the statement. The stock rose $4.22 to $13.33 at 9:53 a.m. in New York.
Internet Brands said it expects the purchase will be completed in the fourth quarter.

Source: http://www.businessweek.com/news/2010-09-20/internet-brands-taps-bank-of-america-for-hellman-friedman-lbo.html

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