- Gannett (NYSE:GCI -4.1%) has sealed a definitive deal to acquire marketing solutions firm ReachLocal (RLOC +5.6%), for about $156M.
- That's a tender offer of $4.60/share in cash, a 188% premium to Friday's closing; ReachLocal has jumped 167% after hours, to $4.51.
- Gannett says the deal will add more than $320M a year in annual digital revenue, and expects the deal to be neutral to EPS in its first full year and then modestly accretive.
- Both boards have unanimously approved the deal.
- After hours: GCI +0.9%.