The private equity investment in web hosting provider Go Daddy will close within the next few weeks, according to an announcement made by CEO Bob Parsons on Thursday night.
Parsons made the announcement at the Cedar Rapids, Iowa holiday party, VP public relations Elizabeth Driscoll said in an email to the WHIR.
The final condition of closing was the Chinese Ministry of Commerce approving the deal, Driscoll said, which happened earlier this week. The approval was needed due to Go Daddy’s planned expansion in Asia, according to a report by KCRG. Go Daddy will open a customer call center and office in Asia to handle international business.
According to the report, Parsons said the partners, KKR, Silver Lake and Technology Crossover Ventures, respectively, helped speed up the approval process, and their knowledge of international markets will help Go Daddy make acquisitions and technology deals in these new markets.
First announced in July, the deal will have Parsons assume the role of executive chairman, and maintain a majority ownership position.
Reports have valued the investment upwards of $1 billion.
Go Daddy’s Hiawatha, Iowa office will also see an expansion. The office will grow to about 1,000 employees, about double Go Daddy’s current workforce in the office, the report says.
Go Daddy is known for its flashy holiday parties, and the Mardi Gras-themed Iowa party included fortune tellers, stilt walkers, and jugglers, according to the report.
The company will host its Denver, Colorado holiday party on Saturday.