Benzinga | Jul 23, 2021 08:02AM EDT

Taboola.com To Acquire e-Commerce platform Connexity For $800M In Cash And Stock

* Taboola.com Ltd (NASDAQ:TBLA) agreed to acquire Connexity from Symphony Technology Group for $800 million.

* Connexity is an e-Commerce media platform on the open web.

* Taboola plans to finance the transaction with $260 million from cash on hand, $300 million from committed debt financing, and $240 million through the issuance of shares.

* The acquisition of Connexity aligns with Taboola's "Recommend Anything" growth strategy to introduce new types of recommendations and enter new segments while leveraging its significant scale and recommendations platform to deliver even greater value.

* Taboola.com held $229.3 million in cash and equivalents as of Mar. 31.

* Price action: TBLA shares traded higher by 4.78% at $9.43 in the premarket session on the last check Friday.