AFCV To Pay $127M For Answers.com

AFCV Holdings is seeking to acquire the complete stake of answer engine creator, Answers.com.

AFCV Holdings is seeking to acquire the complete stake of answer engine creator, Answers.com. The portfolio company of growth equity investor, Summit Partners, will pay a total of $127 million for the acquisition. The transaction, which has been unanimously approved by the board of directors of Answers.com, is expected to close in the second quarter of 2011.

As a part of the agreement, AFCV will buy all outstanding shares of Answers.com for $10.50 per share. UBS Investment Bank is an exclusive financial advisor to Answers.com, while Jefferies is serving as financial advisor to the buyer.

Click here for the release from Business Wire.