King & Wood Mallesons has advised Melbourne IT on the sale of its Digital Brand Services (DBS) division to US-based Corporation Services Company for AUD152.5m (£105m).
The sale price represents a significant growth in the value of the DBS business since it was created in 2008. Melbourne IT’s board made the decision to divest in order to unlock shareholder value.
After retiring outstanding debts, Melbourne IT will consider a range of capital management opportunities as a result of the sale.
The King & Wood Mallesons team was led by partners Craig Semple and Nicola Charlston.
Melbourne IT — Australia’s first domain-name registration company — specialises in domain registration, website design, email and web hosting.