Limelight Closes USD 300m Acquisition of Yahoo's Edgecast Business.
MANews-(C)2009-2022
US-based edge enabled web applications and content delivery solutions provider Limelight Networks, Inc. (NASDAQ: LLNW) has closed the acquisition of US-based web services provider Yahoo's Edgecast, Inc, a provider of edge security, content delivery and video services, in an all-stock transaction, the company said.
The transaction values Edgecast at approximately USD 300m, or about 1x 2021 revenue.
Edgecast is a business unit of Yahoo, which is owned by funds managed by affiliates of Apollo (NYSE: APO) and Verizon Communications (NYSE: VZ).
Yahoo will receive approximately 72.2m shares of Limelight common stock, subject to customary closing adjustments, and will own approximately 31.9% of the combined company at closing.
The combination will create a globally scaled, edge enabled software solutions provider with pro forma 2021 revenue of more than USD 500m across cloud security and web applications, content delivery and edge video platform.
Limelight will rebrand as Edgio, with the combined company continuing to operate as Edgio following close.
Edgecast posted USD 285m in revenue in 2021, of which approximately 97% was recurring revenue from a highly complementary customer base with little Limelight overlap and nearly...
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