Activist investor Starboard takes 6.5% stake in GoDaddy

GoDaddy Tempe
Posted at 9:05 AM, Dec 28, 2021
and last updated 2021-12-28 11:05:58-05

TEMPE, AZ — GoDaddy, the domain registrar and web hosting company based in Tempe, saw its shares jump in Monday trading following the news that Starboard Value LP, an activist investor, had bought 6.5% of the company.

The purchase was disclosed in a public filing with the Securities and Exchange Commission that showed Starboard Value purchased 10,853,899 shares of GoDaddy (NYSE: GDDY) stock, or 6.5% of company shares.

Starboard Value is a New York City-based hedge fund, well-known for its previous campaigns to take control of board seats at public companies in an effort to improve company performance.

The GoDaddy purchase is valued at about $800 million, according to the Wall Street Journal. The filing shows how many shares investors bought, but it does not disclose purchase prices. Starboard accrued this position by making a collection of smaller purchases through nearly 20 related entities.

Read more of this story from the Phoenix Business Journal.