INDIANAPOLIS -- Following rumors about the company's future, Angie's List and IAC's HomeAdvisor announced Monday that they will merge to become a new publicly-traded company called ANGI Homeservices, Inc.
The combined business will maintain the Angie's List and HomeAdvisor brands, according to a press release.
The deal, which has been approved by the Boards of Directors of both companies, is expected to close in the fourth quarter of 2017.
HomeAdvisor CEO Chris Terrill will become CEO of ANGI Homeservices, Inc.
"By combining HomeAdvisor and Angie's List's complementary strengths, the combined company will be able to leverage its joint models and resources to not only accelerate market penetration, but also continued online conversion of that marketplace," said Terrill.
Thomas Evans, current Chairman of the Board of Directors of Angie's List, and Angie Hicks, Angie's List co-founder and CMO, are expected to join the board of ANGI Homeservices, Inc.
"Since 1995, Angie's List has set the bar for enabling quality home services experiences for millions of consumers and service pros. I'm thrilled that IAC and HomeAdvisor share our vision for what's possible when it comes to the home services category's massive potential," said Hicks.
No word yet on how this merger will impact people who work for Angie's List in Indianapolis, although employees told RTV6 they will be briefed Tuesday morning about their roles going forward with the company.
The headquarters of ANGI Homeservices, Inc. will be based out of HomeAdvisor's Golden, Colorado location.
HomeAdvisor offers an online option for homeowners to find home improvement, maintenance and repair professionals.