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Internet Brands operates a large number of media, community and e-commerce websites, including DoItYourself, Wikitravel, Loan.com, Autos.com and others.
The company's largest shareholder Idealab, a startup incubator that founded Internet Brands back in 1998, has entered into a voting agreement with Hellman & Friedman for the merger.
Hellman & Friedman invests through a series of private equity funds, and has previously invested in Nielsen, Nasdaq and Getty Images, among other companies.