Why Angie's List Shares Skyrocketed 43% Overnight

05/02/2017
Source: CNBC
by: Luqman Adeniyi

IAC and Angie's List later confirmed they reached a deal. The new company will be called ANGI Homeservices Inc., the companies said in a press release.

The deal values Angie's List at more than $500 million, according to WSJ. Angie's List shareholders have the option to get one Class A common share of the newly formed company or $8.50 in cash for each share they own. The cash payout would be capped at $130 million, with the deal expected to be completed in the fourth quarter.

HomeAdvisor CEO, Chris Terrill will become CEO of ANGI Homeservices, and IAC CEO Joey Levin will step in as chairman. The current chairman of Angie's List, Thomas R. Evans, will join the new company's board alongside Angie's List co-founder Angie Hicks.

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