Andover, MA-based NaviSite (NASDAQ: [[ticker:NAVI]]) , an provider of IT services such as data hosting and managing for large organizations, will be acquired by Time Warner Cable for $5.50 per share in cash, for a total equity value of $230 million, the companies announced last night. Time Warner (NYSE: [[ticker:TWC]]) said that NaviSite’s cloud platform will enable it to build a managed services product for small- and medium-sized businesses, and that the deal brings it NaviSite’s 1,200-plus customers. The Time Warner purchase represents a 33 percent premium on NaviSite’s closing stock price on Tuesday, a big jump from a buyout offer NaviSite received in December from one of its major shareholders, Atlantic Investors, who wanted to buy the rest of the company’s common stock for $3.05 per share.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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