Answers.com gets financing commitment for purchase by Summit Partners

By Sara Rosenberg

New York, Feb. 3 - Answers.com has received a commitment for financing to help fund its buyout by Summit Partners, according to a news release.

Under the agreement, AFCV Holdings LLC, a portfolio company of Summit, is buying the company for $10.50 in cash per share for a total cash consideration of $127 million.

Closing is expected in the second quarter, subject to customary conditions, including stockholder approval and receipt of regulatory clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Answers.com is a New York-based question and answer site.

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