Starboard acquires stake worth $800 million in GoDaddy

Reuters
27 Dec 2021 18:38:56 | Update: 27 Dec 2021 18:38:56

The company logo and ticker for GoDaddy Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, US on March 4, 2019. — Reuters Photo

Activist investor Starboard Value LP has purchased a 6.5 per cent stake in web services firm GoDaddy Inc worth about $800 million, The Wall Street Journal reported on Monday, citing people familiar with the matter.

Shares of GoDaddy, which have dropped 8 per cent so far this year, rose 2.6 per cent in premarket market trading.

According to the report, Starboard plans to push the company to improve its performance.

Arizona-based GoDaddy has seen a surge in online traffic as several businesses increasingly shifted to digital operations due to the Covid-19 pandemic.

Starboard Value and GoDaddy did not immediately respond to Reuters requests for comment.