Temasek Supports Recapitalization of Internet Brands
Posted on 07/23/2022
Internet Brands completed a recapitalization with its long-term investors KKR and Temasek Holdings (Private) Limited, and a group of new investors led by Warburg Pincus LLC, at a valuation of more than $12 billion. KKR will remain the majority investor in Internet Brands. The transaction signed on March 17, 2022, and closed on July 19, 2022.
KKR made its initial investment in Internet Brands in 2014.
Internet Brands is headquartered in El Segundo, California, is a fully integrated online media and software services company. The company’s properties and platforms include the WebMD, Medscape, and Henry Schein ONE networks; Nolo, Avvo, and Martindale; and CarsDirect, Fodor’s Travel, and many others which are leaders in their key verticals such as auto, travel, and home.
Advisors
Cleary Gottlieb represented Temasek Holdings and its affiliates Sidley Investments LLC and Havelock Fund Investments Pte. Ltd., in connection with their follow-on equity investment in Internet Brands, a portfolio company of KKR. Cleary Gottlieb also represented Temasek in its original equity investment in Internet Brands in 2014 and follow-on investment in 2017.
