IT business brightsolid has acquired social networking site Friends Reunited from ITV Plc for £25 million.
IT business brightsolid has acquired social networking site Friends Reunited from ITV Plc for £25 million.
Friends Reunited was launched in 2000 to put old school friends back in touch with each other and was sold to ITV for £175 million in 2005. In 2003, the company launched Genes Reunited, a family history website, which complements brightsolid’s genealogy business, findmypast.com. brightsolid is owned by Dundee-based publisher D C Thomson & Co.
Chris van der Kuyl, CEO of brightsolid, said: ‘This marks another step forward in the future strategy of brightsolid, widening its offering to the consumer marketplace, in particular by creating Britain’s leading genealogy business.’
HMT Corporate Finance provided corporate finance, transaction support and tax advisory services to brightsolid. The team was led by partner Peter Barrand, who provided corporate finance advice throughout the bid process and in the detailed negotiations with ITV. Barrand previously advised on the sale of findmypast.com to brightsolid in 2007. HMT partner Simon Jordan led the transaction support services.
