Private equity firm Blackstone is in the process of acquiring the largest DNA services company Ancestry.com.
Giant private equity firm Blackstone Group is planning to purchase large genealogy firm Ancestry.com from rival private equity companies. The price tag was reported to be $4.7 billion, which includes debt, according to a report from Reuters.
Collecting DNA Collector
On Wednesday, Blackstone Group announced that it went on a deal to buy Ancestry.com, the leading DNA services firm in the world. Manhattan-based Blackstone is one of the largest investment companies in the world. CBS reported that the executives intend to “accelerate Ancestry’s growth.”
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Operations of the Ancestry scope over 30 countries, with more than 3 million paying customers. Annual revenue for the genealogy firm is said to be $1 billion. The Utah-based Ancestry’s services include tracing genealogy of their people. But the 24-year old company not only helps customers know their heritage but even spot important health characteristics, a more recent offering from them.
Their millions of customers will be provided with DNA kits in the comfort of their own homes. Ancestry has managed to accumulate a huge database of hundreds of millions of genetic information. This also includes the DNA tests from their customers, which is 18 million.
“We are very excited to partner with Ancestry and its management team,” Blackstone’s senior managing director David Kestnbaum said in a statement. “We believe Ancestry has significant runway for further growth as people of all ages and backgrounds become increasingly interested in learning more about their family histories and themselves.”
Ancestry’s chief exec and president, Margo Georgiadis, likewise expressed the company’s enthusiasm in teaming up with Blackstone. Among their plans, Georgiadis said, will be “to leverage our unique content, powerhouse consumer brand, and technology platform to expand our global Family History business while bringing to life our long-term vision of personalized preventive health.”