Nextag Sells Stake [Rumor Confirmed]
Kevin Delaney of the WSJ confirms the rumours that Brian published last week about Nextag selling a stake to a private equity firm.
Here are the juicy details: “Providence Equity Partners Inc. has agreed to acquire a majority stake in comparison shopping site NexTag Inc. for about $830 million” …
They “buy a roughly two-thirds stake… [valuing the] company at around $1.2 billion.”
“Under the deal, venture capital firm Morgenthaler Ventures, which first invested in NexTag in 1999, will sell its stake in the company, says one of the people familiar with the matter.”
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