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Starboard acquires stake worth $800 million in GoDaddy

Starboard acquires stake worth $800 million in GoDaddy - WSJ
Starboard acquires stake worth $800 million in GoDaddy - WSJ   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p> – Activist investor Starboard Value LP has purchased a 6.5% stake in web services firm GoDaddy Inc worth about $800 million, according to a regulatory filing with the U.S. Securities and Exchange Commission.</p> <p>Shares of GoDaddy, which have dropped 8% so far this year, rose 2.6% in premarket trading.</p> <p>Starboard said that GoDaddy’s shares were undervalued and represented an attractive investment opportunity, according to the filing.</p> <p>The Wall Street Journal was the first to report the acquisition of the stake. The report also said that Starboard plans to push the company to improve its performance.</p> <p>Arizona-based GoDaddy has seen a surge in online traffic as several businesses increasingly shifted to digital operations due to the <span class="caps">COVID</span>-19 pandemic.</p> <p>Starboard Value and GoDaddy did not immediately respond to Reuters requests for comment.</p> <p/> </div>