Quadrangle acquires online survey company for $426m

The US firm's deal for Greenfield Online is one of its first transactions led by former Yahoo chief operating officer Daniel Rosenweig, tapped last year to open Quadrangle's Silicon Valley office.

Quadrangle Group has purchased web-based consumer survey and marketing company Greenfield Online for $426 million (€275 million), the latest foray the communications-focussed firm has made into online media.
 
Connecticut-based Greenfield has an online comparison shopping portal called Ciao, as well as a consumer attitude survey service, which provides consumer survey responses and other marketing data to online retailers. The company derives roughly 75 percent of its revenue from its survey services.
 
Under terms of the agreement approved by Greenfield’s board of directors last week, Quadrangle will pay $15.50 per share of common stock, a 17 percent premium over Friday’s closing price and a 26 percent premium over the average closing price over the past 30 days.
 
If approved by Greenfield shareholders later this month, the deal is expected to close sometime in the late third quarter or early fourth quarter.
 
The acquisition represents one of Quadrangle’s first in which the New York-based firm tapped the expertise of former Yahoo chief operating officer Daniel Rosenweig, who was hired last summer to launch its Silicon Valley office.
 
Quadrangle, which manages roughly $6 billion in assets, currently holds stakes in several high-profile media companies, including Alpha Media Group, which publishes men’s lifestyle magazine Maxim, and film production company Metro Goldwyn Mayer Studios.
 
Greenfield, however, represents one of Quadrangle’s first major moves into online content developers, as most of the firm’s current portfolio holdings are in traditional media or are telecom providers. Quadrangle typically invests between $100 million and $250 million in its transactions.
 
Greenfield Stock was priced at $15.15 per share, up 14 percent from yesterday’s closing price at press time.