New York-based IAC (Nasdaq: IAC) has completed its acquisition of Indianapolis-based Angie’s List Inc. The online home services company has now merged with IAC subsidiary HomeAdvisor to become ANGI Homeservices Inc. (Nasdaq: ANGI).
The closing of the acquisition follows a Friday vote by Angie’s List shareholders. The deal, which was originally announced in May, was valued at up to $500 million, though a final total was not immediately released.
IAC says the combined 12-month revenue of Angie’s List and HomeAdvisor exceeded $890 million as of second quarter 2017. The company expects an annual revenue growth rate of 20 to 25 percent over the next five years.
"The combination of these two powerful companies marks a tipping point for the home services category," said Chris Terrill, chief executive officer of ANGI Homeservices. "As spending on home improvement projects continues to rise, consumers and service pros will now have access to unprecedented scale and product breadth when it comes to matching the right jobs with the right expertise in a fast, efficient and seamless way. As a single company, we can now drive more product innovation and value across our combined marketplace, increase customer satisfaction across the board, and more rapidly grab share from our single biggest competitor in this underpenetrated market: word of mouth."
As a result of the acquisition’s completion, Angie’s List stock is no longer trading on the Nasdaq exchange. The combined company is now trading under the "ANGI" ticker symbol. ANGI Homeservices will be headquartered in Golden, Colorado but will maintain a presence in Indianapolis. Last month, Angie’s List said approximately 230 Indy jobs would be cut after the acquisition is complete.
IAC also announced the addition of Suzy Welch, Alesia Haas, Yilu Zhao to the board of directors for ANGI Homeservices, bringing the total number of board members to 10. Angie’s List co-founder Angie Hicks also serves on the board in addition to her role as Chief Customer Officer for the newly-created company.
You can view IAC’s filing with the U.S. Securities and Exchange Commission detailing the completion of the acquisition by clicking here.