Ziff Davis to sell connectivity division to Accenture for US$1.2 billion

The Accenture logo is displayed on a scrim at the Match Play Championship, Feb. 20, 2012, in Marana, Ariz. (AP Photo/Julie Jacobson, File)

Ziff Davis said on Tuesday it has agreed to sell its Connectivity division — the unit behind brands such as Ookla, Speedtest and Downdetector — to Accenture for $1.2 billion in cash.

Shares of Ziff Davis rose more than 45 per cent in premarket trading.

Proceeds from the transaction are expected to be used for general corporate purposes and capital allocation activities, in line with the firm’s debt agreements, Ziff Davis said.

The company added the transaction is expected to close in the coming months.

(Reporting by Kritika Lamba in Bengaluru; Editing by Vijay Kishore)