Classmates.com 2009 Annual Report Download - page 145
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. ACQUISITIONS (Continued)
The total cost of the FTD acquisition was approximately $444.8 million, including expenses incurred in connection with the transaction.
The following table summarizes the components of the purchase price (in thousands):
United Online, Inc.'s common stock was valued at $10.29 for purposes of determining the total purchase price, based on the average of
United Online, Inc.'s closing stock price for the period from two days prior to through two days after the announcement of the receipt of the
commitment from Silicon Valley Bank for the $60 million credit facility, and in connection with that commitment, United Online, Inc.'s election
to substitute additional cash in lieu of seller notes as merger consideration.
The purchase price for the acquisition was allocated to tangible and intangible assets acquired and liabilities assumed based on their
estimated fair values at the Closing Date. The Company believes that the fair values assigned to the assets acquired and the liabilities assumed
were based on reasonable assumptions. The following table summarizes the fair values of the assets acquired and liabilities assumed (in
thousands):
F-41
Cash consideration, net
$
306,557
Stock consideration (12.3 million shares of United
Online common stock valued at $10.29)
126,151
Transaction costs
12,087
Total
$
444,795
Description
Fair
Value
Amortizable
Life
Net liabilities assumed:
Cash and cash equivalents
$
12,358
Accounts receivable
34,441
Other current assets
11,405
Property and equipment
25,284
Other assets
17,131
Accounts payable
(37,377
)
Accrued liabilities
(28,471
)
Deferred revenue
(2,706
)
Debt
(302,280
)
Deferred tax liabilities, net
(122,858
)
Other liabilities
(4,496
)
Total net liabilities assumed
(397,569
)
Intangible assets acquired:
Trademarks and trade names
229,800
Indefinite
Customer contracts
107,100
2
-
6 years
Technology
42,200
5 years
Total intangible assets acquired
379,100
Goodwill
463,264
Total purchase price
$
444,795