Web.com Group Inc said it agreed to acquire privately-held domain name registration provider Register.com for $135 million, in a deal that will immediately add to the online marketing company's adjusted earnings.

The company said it will finance the purchase through a combination of cash and long-term debt.

Register.com has over 800,000 subscribers and the deal is expected to expand Web.com's adjusted revenue base by over 80 percent, the companies said in a statement.

Web.com expects to finance the deal with about $20 million in existing cash, proceeds from a $110 million term loan and a $5 million seller note, the company said.

It expects to report over $180 million in annualized adjusted subscription revenue after the acquisition.

The Jacksonville, Florida-based Web.com has a market capitalization of $101.4 million, based on outstanding shares as of April 30.

Shares of the company closed at $3.81 Wednesday on Nasdaq.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Kavita Chandran)