Technology media company Ziff Davis announced Tuesday that it has reached an agreement to sell its Connectivity division to global consulting firm Accenture in a deal worth $1.2 billion cash.
The division being sold operates several well-known internet brands including Ookla, the company behind the popular Speedtest service, and Downdetector, which tracks website outages.
Following the announcement, Ziff Davis stock surged more than 45% during premarket trading sessions.
According to the company, the money from this sale will go toward general business operations and capital distribution activities, following the terms of existing debt agreements.
Ziff Davis expects the deal to finalize within the next few months.
