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GoDaddy edges closer to $120m MMX asset acquisition

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Major domain registry provider GoDaddy is one step closer to finalizing its acquisition of 28 domain extensions owned by Minds + Machines Group Limited (MMX).

MMX shareholders recently voted to approve the sale of its assets to GoDaddy Registry, valued at $120 million, which will include .club and .design domain extensions.

The terms of the deal were not disclosed and the GoDaddy subsidiary still awaits a number of other approval ticks to complete the acquisition, including a green light from the Chinese government for the change of control of MMX China.

Once the deal is complete, GoDaddy Registry will own, manage or operate over 240 domain extensions, with more than 14 million domain names under its management. 

 GoDaddy buys more 

A report by Domain Name Wire highlighted that the acquisition was already a done deal as MMX already had more than enough votes to approve the sale of its assets.

Earlier this month, GoDaddy Registry Vice President and General Manager, Nicolai Bezsonoff had said: “All three acquisitions support our growth strategy in unique ways by expanding our portfolio of generic, geo-targeted, and vertically-focused top-level domains.”

GoDaddy Registry was also awarded the contracts to help manage the generic domain extensions .basketball and .rugby, as well as Ally Financial’s branded .ally domain, earlier this month. Also, once the acquisition is complete, the firm will be the registry for the domain names .VIP and .XXX.

GoDaddy’s latest financial report reflected huge growth including a 12% year-on-year increase in its fourth quarter of 2020 results and its customers hit 20.6 million by the end of last year, representing growth of 7.1% year-on-year.

This kind of reported growth meant it was almost inevitable for an acquisition of some sort to follow suit as the company embraces its expanding customer base.

Via Domain Name Wire

Abigail Opiah

Abigail is a B2B Editor that specialises in Web Hosting and Cloud Services news at TechRadar Pro. She has been a journalist for more than three years covering a wide range of topics in the technology sector. She is now interested in receiving the latest B2B news and updates on website builders, domains, e-commerce platforms and Web hosting.