October 2, 2019 / 8:31 AM / 19 days ago

CVC close to buying 25% of Israel's IronSource for $450 million: media

JERUSALEM (Reuters) - British private equity firm CVC Capital Partners is close to a deal to acquire a 25% stake in Israeli advertising technology firm IronSource for at least $450 million, Israeli financial media reported on Wednesday.

The Calcalist newspaper, citing two sources familiar with the deal, said the agreement would be signed within the next 24 hours and values IronSource at $1.55 billion.

The Globes newspaper said CVC could pay nearly $500 million for the stake.

CVC declined to comment, while IronSource was not immediately available for comment.

Founded in 2009, IronSource provides developers a platform to acquire users and display ads within mobile phone games.

IronSource’s chief revenue executive, Omer Kaplan, told Reuters in April the firm would reach revenue of $900 million this year and was seeking acquisitions valued at hundreds of millions of dollars.

Kaplan added that the company is ready to go public, but the timing of an offering was uncertain, although Calcalist said an offering was scheduled for the second half of 2020.

Reporting by Steven Scheer; Editing by Tova Cohen

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