Minnetonka-based e-commerce services provider Digital River has agreed to be sold to an investor group.
The Business Journal reports that the purchase price announced Thursday is about $840 million. The investor group is led by private equity firm Siris Capital Partners, which will pay $26 per share in cash for the company. A press release on the company's website indicated the company has entered into a definitive merger agreement to be acquired by Siris.
"We believe that this transaction will provide Digital River with the flexibility to innovate and execute our vision of setting the standard for global e-commerce technology and services," said Digital River CEO David Dobson.
Reuters reports that the deal, which was approved by the Digital River board, includes a 45-day "go-shop" period during which the company can solicit alternative proposals.
Founded in 1994, Digital River bills itself as "a leading provider of global e-commerce, payments and e-marketing solutions." In 2013, Digital River processed more than $30 billion in online transactions. In addition to its Minnesota headquarters, Digital River maintains offices in the U.S., Asia, Europe and South America
The companies expect the deal to close in the first quarter of 2015.