Blue Nile To Be Taken Private For About $500 Mln - Quick Facts

(RTTNews) - Online jeweler Blue Nile Inc. (NILE) said it has agreed to be acquired by an investor group comprised of funds managed by Bain Capital Private Equity and New York-based investment manager Bow Street LLC for about $500 million.

Under the terms of the deal, Blue Nile stockholders will receive $40.75 in cash per share in cash, representing a premium of about 34 percent over Blue Nile's closing price on November 4, 2016. The transaction is expected to close in the first calendar quarter of 2017.

Blue Nile's board of directors unanimously approved the deal and recommended that the company's stockholders vote their shares in favor of the transaction.

Following closing of the deal, Blue Nile will become a privately-held company and continue to be headquartered in Seattle, Washington.

BofA Merrill Lynch is serving as exclusive financial advisor to Blue Nile, and Wilson Sonsini Goodrich & Rosati is serving as its legal advisor. Goldman Sachs & Co is providing debt for the transaction, and Kirkland & Ellis LLP is serving as legal advisor to the Investor Group.

Blue Nile also reported its third-quarter financial results today.