Cleary Gottlieb is representing Citigroup Global Markets as financial advisor to Ask Jeeves, Inc. in connection with the $1.85 billion stock-for-stock acquisition of Ask Jeeves by IAC/InterActiveCorp. Under the terms of the agreement, IAC will issue 1.2668 shares of common stock for each share of Ask Jeeves common stock in a tax-free transaction.
Ask Jeeves is one of the top four search technology providers, with approximately 42 million U.S. unique monthly users and is one of the largest generators of online advertising in the world. IAC, controlled by Barry Diller, operates more than 40 specialized consumer brands in the travel, retailing, ticketing, personals, media, financial services, real estate and teleservices industries. IAC’s businesses collectively reach 44 million U.S. unique users monthly.