Gateway Mercury to Buy FTD Assets for $118M, Dow Jones Reports Add New Topic
August 2, 2019 at 3:18 pm #19895
Gateway Mercury to Buy FTD Assets for $118M, Dow Jones Reports
Posted Aug. 1, 2019, 7:07 AM
Gateway Mercury, a private equity firm affiliated with Nexus Capital Management, is buying flower-delivery service FTD Cos. after a court-supervised auction for $118m, Dow Jones reports, citing an unidentified person familiar with the matter.
- The price is higher than Gateway’s $95m stalking-horse, or lead, bid; companies in bankruptcy often use a stalking-horse to spur bidding and set a floor price for the assets on sale: DJ
- 1-800 Flowers.com Inc. and another buyer bought other business segments, with all of FTD’s assets fetching a total of $158m
©2019 Bloomberg L.P. All rights reserved. Used with permission
You must be logged in to reply to this topic.