Google has sold about 10 million registered website domains
to Squarespace. The company today announced it will acquire all assets of Google Domains. The transaction is expected to close by the third quarter of this year.
"In keeping with our efforts
to sharpen our focus, we have entered into a definitive agreement with Squarespace for the acquisition of customer accounts of the Google Domains registrar business," Matt Madrigal, vice
president and general manager of Merchant Shopping at Google, wrote in a release. "Supporting a smooth transition for customers over the coming months, with the help of the Google Domains team, is our
top priority."
Madrigal believes that Squarespace can provide an integrated experience of purchasing and managing domains, along with offering other tools customers may need to build their
online presence."
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The terms of the agreement states Squarespace will honor all existing Google Domains customers' renewal prices for at least 12 months after the closing of the
transaction. It also will provide additional incentives to encourage Google Domains customers to build a website with Squarespace and adopt other Squarespace offerings -- some similar to those offers
by GoDaddy.
The transaction is subject to certain regulatory approvals and customary closing conditions. While the majority of the benefits of this deal will be realized in 2024
and beyond, Squarespace believes the deal will have "meaningfully accretive" to revenue and free cash flow to its business.