Why Shares of Actua Corp. Are Rocketing Higher Today
Shares of software-as-a-service provider Actua Corp. (NASDAQ: ACTA) soared on Tuesday after the company announced that it had agreed to sell its three majority-owned businesses. Actua plans to wind down its operations following these sales, selling its remaining minority stakes and distributing the net proceeds to shareholders. The stock was up about 25% at 12:30 p.m.
CVC Growth Fund has agreed to acquire VelocityEHS and a controlling stake in Bolt Solutions from Actua, while Envestnet has agreed to acquire FolioDynamics. Actua expects to realize aggregate cash proceeds between $472 million and $502 million from these sales, and it plans to distribute "substantially all" of the net proceeds to its shareholders. Those distributions, totaling between $14.35 and $15.18 per share, should be made sometime during the first quarter of 2018.
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Source: Fool.com
