Blue Nile Enters Into Definitive Agreement To Be Acquired By Bain Capital Private Equity And Bow Street LLC For Approximately $500 Million

Investor Group to acquire all outstanding Blue Nile common stock for $40.75 per share in take-private transaction

SEATTLE, Nov. 07, 2016 (GLOBE NEWSWIRE) -- Leading online jeweler Blue Nile (NASDAQ:NILE), today announced that it has entered into a definitive agreement to be acquired by an Investor Group comprised of funds managed by Bain Capital Private Equity and Bow Street LLC (collectively the "Investor Group").

The terms of the all-cash deal provide substantial value to Blue Nile's stockholders. The Investor Group will acquire 100 percent of the outstanding shares of Blue Nile common stock for approximately $500 million. Blue Nile stockholders will receive $40.75 in cash per share, representing a premium of approximately 34 percent over Blue Nile's closing price on November 4, 2016.

"Since its inception, Blue Nile's guiding principle has been to provide value to its customers, suppliers, and shareholders, and this transaction provides tremendous value to all," said Blue Nile Chairman, CEO and President Harvey Kanter. "Blue Nile will continue its innovative drive that has disrupted the diamond industry and made us the smartest, easiest, and most pressure-free way for consumers to buy a diamond."

"This is an opportunity to acquire a true disruptor in a fundamentally attractive and growing segment of the diamond industry," said Ryan Cotton, a Managing Director at Bain Capital Private Equity. "Blue Nile provides a clearly superior consumer value proposition and offers a convenient delivery model that enables choice and selection in a no-pressure environment. We believe the company will continue to grow as educated consumers continue to seek easy and convenient shopping experiences that deliver transparent pricing and enhanced value."

"Blue Nile is a unique business with a strong platform in an industry that is rapidly evolving and migrating online," said Howard Shainker, Managing Partner at Bow Street.  "We are excited to work alongside Blue Nile management and Bain Capital to execute on the Company's strategy."

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