Alphabet Inc., mother company to Google, has announced that it is shutting down its Google Domains business and selling its assets to Squarespace Inc.

According to an anonymous source familiar with the matter, Squarespace is acquiring the business assets for approximately $180 million, although the financial details of the transaction have not been made public.

The assets being sold include 10 million domains hosted on Google Domains, which are spread across millions of customers.

Squarespace has stated that it will honor the renewal prices for Google Domains customers for a minimum of 12 months after the deal is finalized. Additionally, as per the statement, Squarespace will become the exclusive domains provider for customers who buy a domain from Google along with their Workspace subscription. The aim is to ensure a smooth transition for customers with the assistance of the Google Domains team.

Matt Madrigal, the vice president and general manager of merchant shopping at Google, emphasized this priority in a statement. Squarespace aims to offer an integrated experience by enabling customers to purchase and manage domains while providing other essential tools to establish their online presence.

The deal is expected to be completed in the third quarter. At present, representatives from Google and Squarespace have not provided immediate comments regarding the price of the deal.

Source: Bloomberg.