Investment firm Starboard Value LP has acquired a 6.5% stake in web service provider GoDaddy. Starboard bought the shares for $ 800 million. Reuters quoted the Securities and Exchange Commission of the United States as saying.
GoDaddy’s share price has fallen nearly 8% this year. But as a result of Starboard’s investment, the share price in premarket trading has increased by 2.6%.
According to Starboard, GoDaddy’s shares are now comparable and lucrative for investment. The company wants to play a role in the development of GoDaddy.
Arizona-based GoDaddy’s online traffic has soared due to the COVID-19 pandemic. Because many businesses have strengthened their presence online.
Both the companies have not yet officially commented on the sale or purchase of the new shares.
