Flower-delivery giant sold

Monday, Oct. 6, 2003 | 9:31 a.m.

DOWNERS GROVE, Ill. -- FTD Inc., which sells flowers and other gifts through the Internet and via telephone, agreed to be bought by Green Equity Investors for about $420 million.

FTD stockholders will receive $24.85 a share, Downers Grove, Ill.-based FTD said in a statement. Green Equity expects to complete the transaction in the first quarter.

FTD hired Goldman Sachs Group Inc. to find a buyer for the company, the New York Post reported in May. Green Equity Investors is an affiliate of Los Angeles-based private investment company Leonard Green & Partners, a $1.85 billion private equity fund. Shares of FTD, which had risen 53 percent this year, rose 52 cents to $24.83 at 9:30 a.m. in Nasdaq Stock Market composite trading today.

FTD Chief Executive Robert Norton will continue in his position after the transaction is completed, FTD said.

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