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Taboola Buys E-Commerce Platform Connexity for $800 Million

Taboola.com Ltd., which helps companies advertise on some of the world’s most popular websites and apps, agreed to buy e-commerce firm Connexity Inc. for about $800 million.

Taboola will pay for the deal with $260 million in cash, $300 million in debt, and the rest through new shares.

Connexity helps retailers such as Walmart Inc. optimize the process of acquiring online customers from thousands of publishers, such as Conde Nast and Vox Media, according to a statement on Friday.

New York-based Taboola said the acquisition will add to overall profitability in the first year after the close of the deal, expected in the third quarter.

The combined business would have reported $185 million in adjusted earnings before interest, taxes, depreciation and amortization in the 12 months through March 31.

JPMorgan Chase & Co. acted as financial advisers to Taboola.

Source: Bloomberg