Stock Groups

Starboard acquires stake worth $800 million in GoDaddy

by Mike Robinson

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© Reuters. FILE PHOTO : A screen is shown with the logo and ticker of GoDaddy Inc. on the New York Stock Exchange floor in New York on March 4, 2019, U.S. REUTERS/Brendan McDermid

(Reuters) – Starboard Value LP, an activist investor, has bought a 6.5% share in GoDaddy (NYSE) Inc for approximately $800 million. Sources familiar with the matter told The Wall Street Journal on Monday.

Premarket trading saw GoDaddy shares drop by 8%, but they rose 2.6% this year.

Starboard intends to press the company to increase its performance, according to the report.

GoDaddy in Arizona has witnessed an increase of online traffic after several companies have increasingly switched to digital operations because of the COVID-19 pandemic.

Starboard Value, GoDaddy and GoDaddy didn’t immediately reply to Reuters inquiries for comment.

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