Squarespace rises on deal to buy Google Domain assets

Squarespace

16/06/2023 16:59

** Shares of website-building services provider Squarespace
Inc  SQSP.N  rise 5.48% to $33, their highest in over a year and
four months
    ** Co enters deal with Google  GOOGL.O  to buy Google
Domains business assets, including 10 mln domains hosted on the
platform
    ** Co will leverage Google's infrastructure during
transition period for easy transfer of domains; deal expected to
close in Q3
    ** Upon deal close, SQSP will become exclusive domains
provider for customers along with workspace subscription from
Google for a minimum of three years
    ** Co believes deal will be meaningfully accretive to its
business from revenue and free cash flow perspectives, over time
    ** Including session's gains, stock has risen ~50% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))