AutoWeb said Monday it has entered a deal to be acquired by a subsidiary of One Planet Group in a cash deal priced at $0.39 per share of AutoWeb.

One Planet Group chief executive officer Payam Zamani will become AutoWeb’s president and CEO. Jared Rowe will transition out the company.

Zamani was the co-founder and CEO of AutoWeb from 1994 to 1999. Autobytel acquired AutoWeb in 2015, and would change its name to AutoWeb in 2017.

“Not many founders get the opportunity to return to a company that they helped create. AutoWeb has been a pioneer in the online automotive industry and in many ways directly influenced its evolution,” Zamani said in a news release. “It is now time for the company to experience an evolution to prepare for the challenges and the opportunities in the automotive industry of tomorrow.”

Rowe had been president and CEO of AutoWeb since 2018, following time with FordDirect, Cox Automotive and YP Holdings. Rowe also had a previous post with what was Autobytel at the time.

Explaining more about the deal, the company said the transaction is set up a merger with two steps, “with the first step being a tender offer for all issued and outstanding shares of AutoWeb by the purchaser and the second step being a merger in which any shares of AutoWeb that were not tendered in the tender offer would be converted into the right to receive the same cash price per share as stockholders who tendered in the tender offer.”

The companies agree to begin the tender offer by Monday of next week.