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GIC to increase stake in family history tracing firm Ancestry

SINGAPORE sovereign wealth fund GIC will increase its stake in Ancestry, which is said to be the world's largest family history website. Ancestry helps people trace their history and relatives through family trees, historical records and DNA.

The deal values the company at an enterprise value of US$2.6 billion, which includes debt but excludes cash. Individual stakes as well as their values were not disclosed.

The deal will see the entry of technology private equity firm Silver Lake, which will take an equal minority position with GIC. Existing shareholders, including GIC, will continue to own a majority of the company.

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