Blue Nile Selling to Private Firms for $500 million

NEW YORK, United States — Online jeweller Blue Nile is being sold to a group of investors for $500 million in an all-cash deal.

The Seattle-based company is being bought for $40.75 per share by funds managed by Bain Capital Private Equity and Bow Street LLC.

The deal marks a 33.9 percent premium to Blue Nile's closing share price on Friday.

Blue Nile will become a privately held company after the deal closes, which is expected to be in the first quarter of 2017.

The company was founded in 1999 and has faced increasing competition as other online competitors entered the market and traditional retailers bolster their online sales presence.

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