initial public offerings (IPOs) trading on American exchanges

Monday, October 2, 2017

Angi Homeservices (ANGI) started trading on the Nasdaq on 2 Oct 2017

HomeAdvisor Inc.’s acquisition of rival Angie’s List has closed, and shares of the combined company -- connecting homeowners with remodeling contractors -- are trading publicly for the first time Monday morning.

  • Shareholders of Angie’s List approved the transaction Friday and this week marks the start of a new public company, called Angi Homeservices Inc. (Nasdaq: ANGI).

Chris Terrill, CEO of Angi Homeservices, had been top executive at Lakewood-based HomeAdvisor and was in New York City early Monday to ring the closing bell of the Nasdaq exchange Monday.

HomeAdvisor’s parent company, New York City-based IAC Interactive Corp. (Nasdaq: IAC), negotiated the combination in May, offering shareholders of Indianapolis-based Angie’s List $8.50 for each of their shares, or a one-for-one trade for a share in the combined company.

The deal valued Angie’s List at $500 million and keeps alive both HomeAdvisor and Angie’s List brands, blending the two former competitors into a 4,000-employee company helping homeowners find contractors across the North American and in several European countries.

HomeAdvisor had amassed a network of more than 150,000 home-improvement contractors and helped consumers find and schedule projects with them online or through its apps.

Contractors pay for membership and can buy access to software that helps them manage and schedule their business.

Angie’s List hasn’t stressed on-demand matching of contractors, instead providing more of a consumer review and directory service.

It used to charge a membership fee, but began offering free access to its lists and more than 10 million consumer reviews. The free access boosted its membership to 6.4 million people, nearly double what it was a year earlier.

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