Online diamond and jewelry seller Blue Nile has agreed to be acquired and taken private by an investor group that includes funds managed by Bain Capital Private Equity and Bow Street LLC for around $500 million in cash, IDEX Online reports. Blue Nile was founded in 1999, and operates its website in more than 40 countries.
The offer price of $40.75 per share by the buyers represents an almost 34% premium over Blue Nile’s closing price on Friday. Blue Nile’s shares have lost 16% of their value this year, but jumped 33% to around $30.04 on Monday.
Blue Nile now has a 30-day period in which it can look for alternative offers, the company said. The deal is expected to close in the first quarter of 2017.
