Floral marketer FTD Inc. has signed an agreement to be acquired by Green Equity Investors IV, LP, an affiliate of Los Angeles-based merchant bank Leonard Green & Partners, LP.
Under the terms of the agreement, FTD’s stockholders will receive $24.85 per share in cash upon the closing of the merger. The aggregate value of the transaction is approximately $420 million.
Robert L. Norton, FTD’s CEO, will continue in his position following the merger.
Goldman, Sachs & Co. acted as Downers Grove, IL-based FTD’s financial advisor in connection with the proposed transaction.
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