Industry News by Nemesis

Online Jeweler Blue Nile Acquired For $500 Mn by Investor Group

November 7, 2016

Online diamond and jewelry seller Blue Nile Inc has agreed to be acquired and taken private by an investor group that includes Bain Capital Private Equity and Bow Street LLC for around $500 million in cash.


The offer price of $40.75 per share by the buyers represents an almost 34 percent premium over Blue Nile's closing price on Friday. Blue Nile's shares have lost 16 percent of their value this year, but jumped 33 percent to around $30.04 on Monday.


Blue Nile now has a 30-day period in which it can look for alternative offers, the company said.


The deal is expected to close in the first quarter of 2017.


Blue Nile was founded in 1999, and is known as an engagement ring seller. It operates its website in more than 40 countries, and also sells diamond wedding bands and provides custom jewelry design services.


Source: Idex


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