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Starboard acquires stake worth $800 million in GoDaddy: Report

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Activist investor Starboard Value LP has purchased a 6.5% stake in web services firm GoDaddy Inc worth about $800 million, The Wall Street Journal reported on Monday, citing people familiar with the matter.

Shares of GoDaddy, which have dropped 8% so far this year, rose 2.6% in premarket market trading.

According to the report, Starboard plans to push the company to improve its performance.

Arizona-based GoDaddy has seen a surge in online traffic as several businesses increasingly shifted to digital operations due to the COVID-19 pandemic.

Starboard Value and GoDaddy did not immediately respond to Reuters requests for comment.

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