The Knot Inc., an online wedding planner, on Monday said it completed its acquisition of the WeddingChannel.com for $61.7 million in cash and 1.2 million shares of company stock.
The Knot Chief Executive David Liu said the acquisition unites the company's content, local resources and community with the WeddingChannel's online bridal registry services.
This acquisition consolidates the two leaders in the online bridal industry, David Liu, CEO of The Knot, commented. By uniting The Knot's content, local resources and community with WeddingChannel's online bridal registry services, we can deliver the most complete online wedding planning experience for our audience and offer additional advertising opportunities to marketers seeking to reach them.
Shares of The Knot rose 8 cents to $18.46 in midday trading on the Nasdaq.