The transaction is expected to close in the first quarter of 2015.
E-commerce service solution provider Digital River has agreed to be acquired by a group of investors led by Siris Capital Group for about $840 m.
The company announced that the agreement was approved by Digital River’s Board of Directors and it includes a 45-day "go-shop" period under which the company will solicit alternative acquisition proposals from third parties.
The company also mentioned that the process will not lead to a superior proposal.
Siris has secured financing for the deal with combination of debt and equity, which will be provided by Macquarie Capital and Sankaty Advisors.
Digital River said that the transaction is subject to shareholder approval but is not subject to any financing condition.
The transaction is expected to be closed in Q1 2015.
David Dobson, Digital River’s CEO. "We believe that this transaction will provide Digital River with the flexibility to innovate and execute our vision of setting the standard for global ecommerce technology and services.
"Siris has extensive industry expertise, and working with Siris, Digital River will continue to create even more compelling ways to deliver ecommerce excellence and customer growth."