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B. Riley to acquire magicJack for $8.71 per share

Staff Writer |
B. Riley Financial will acquire magicJack for $8.71 per share, representing a 23% premium over magicJack’s 90-day average stock price and approximately $143 million in aggregate merger consideration.

It is anticipated that magicJack will be held by B. Riley’s subsidiary B. Riley Principal Investments, the entity that currently owns United Online, a complementary telecommunications company.

B. Riley expects to finance the transaction using cash on hand and debt financing.

The closing of the transaction is subject to the receipt of certain regulatory approvals, the approval of the magicJack shareholders and the satisfaction of other closing conditions. The transaction is expected to close in the first half of 2018.

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