Divine Plans to Buy Viant

NEW YORK — A year after acquiring certain assets of bankrupt marchFirst, Divine has agreed to buy another digital shop, Viant. The Chicago-based professional services company said Friday that it plans to purchase Viant in a stock-for-stock transaction.

The acquisition, subject to shareholder approval, is expected to extend Divine’s geographic reach into the Northeast with the addition of Viant’s Boston headquarters and New York office. Divine currently has a total of 24 field offices domestically in the Southwest, Midwest and Southeast, and abroad.

As a part of the deal, Divine will acquire all of the outstanding shares, or about 49 million shares, of Viant common stock for about 200 million shares of Divine’s Class A common stock. Viant stockholders will receive 3.977 shares of Divine Class A common stock for each Viant share.

The agreement also contemplates the payment by Viant of a cash dividend of $24 million, in the aggregate, to the Viant stockholders prior to the completion of the merger.

Viant stock (VIAN) was trading on the Nasdaq at $1.70 Monday; Divine stock (DVIN) was trading at 41 cents, down 2 cents from its open.