Summary Box: Permira Funds to buy

The Associated Press

THE DEAL: Genealogy website has agreed to be acquired by a group led by European private equity firm Permira Funds in a cash deal valued at about $1.6 billion.

THE PRICE: Permira is offering $32 for each share, a premium of nearly 10 percent over Friday's closing price. also said the price represents a 41 percent premium over its closing price before reports of a possible sale surfaced in early June.

ABOUT ANCESTRY.COM: The company operates a website for researching family history and has more than 2 million paying subscribers. It went public in 2009.