The Knot Gets Hitched

The company will buy WeddingChannel.com in a cash and stock deal.
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The Knot

(KNOT)

, a company dedicated to all things nuptial, agreed to buy WeddingChannel.com, a privately held wedding-planning and gift-buying site.

After the close Monday, Knot said it will pay around $57.9 million in cash and issue 1.15 million shares for WeddingChannel. The stock portion of the deal is worth about $20.4 million, giving the entire transaction a value of roughly $78.3 million.

Knot plans to finance the cash portion of the purchase through an offering of common stock. If it doesn't complete the stock sale, Knot will pay $28 million in cash and issue 3.2 million shares for WeddingChannel.

"We look forward to leveraging the complementary strengths of our two businesses to better serve the needs of our audience and, by doing so, we will become a more effective marketing resource for our advertisers," said David Liu, Knot's chairman and CEO.

Shares of Knot closed regular trading at $17.76, but lost 16 cents after hours.