Private equity firm KKR & Co. LP (NYSE: KKR) is paying $1.1 billion for Internet Brands Inc., the operator of business websites, such as Lawyers.com and ApartmentRatings.com.
Internet Brands, which was taken private for $640 million in 2010 by funds managed by Hellman & Friedman and JMI Equity, also runs online car buying service CarsDirect.com. Separately, El Segundo, California-based Internet Brands is known for providing autodata software and services to Chrysler Group LLC, Ford Motor Co. (NYSE: F) and Toyota Motor Corp. (NYSE: TM).
KKR, which owns Internet domain registration firm GoDaddy.com LLC, is looking to expandInternet Brands' services while focusing on specific business categories including automobiles, health, legal, and home and travel.
Internet Brands, which generates revenue from online advertising, will continue to be run by current chief executive and minority stake holder, Bob Brisco.
In 2010, KKR acquired a majority stake in Visma, an Oslo, Norway software, accounting and outsourced financial services business. The company recently cut its stake in Visma to 31.3 percent from 76 percent.