The acquisition of Blue Nile, the online jewellery retailer that disrupted and transformed the business in the US, by an investor group comprising Bain Capital Private Equity, Bow Street and Adama Partners has been completed last week for $ 40.75 per share, the company said in a statement to Nasdaq. Media reports suggest that the total acquisition cost was about US$ 520 million.

The transaction, originally announced on November 7, 2016, was approved by Blue Nile's shareholders on February 2, 2017, the statement said.

As a result of this, trading in Blue Nile's common stock on the exchange will be suspended effective February 21, 2017.

Blue Nile Chairman, CEO and President Harvey Kanter said, “Blue Nile has disrupted and transformed the way consumers shop for and purchase diamonds and fine jewelry by creating price transparency, while simultaneously providing value to suppliers. As we enter the next phase of growth, Blue Nile will continue to expand our vision and focus on putting the customer first by reaching them the way they prefer to shop, whether it’s a computer, mobile device or in one of our Webrooms.”

Ryan Cotton, a Managing Director at Bain Capital Private Equity said, "Blue Nile is a unique business with a strong platform in an industry that is rapidly evolving and migrating online.  We are excited to partner with Bow Street, as well as with Adama Partners who brings a great deal of industry experience, in order to help Blue Nile continue to lead the transformation of the customer purchase experience in engagement rings and fine jewelry."

BofA Merrill Lynch served as exclusive financial advisor to Blue Nile, and Wilson Sonsini Goodrich & Rosati served as its legal advisor.  Goldman Sachs & Co provided debt for the transaction, and Kirkland & Ellis LLP served as legal advisor to the Investor Group.