It was acquired for $500 million.

Blue Nile Inc.'s stock has been delisted from Nasdaq, and the online diamond seller has officially become a private company.

The Seattle-based company was acquired by an investor group in a $500 million deal that closed Feb. 17. The investor group is made up of funds managed by Bain Capital Private Equity and Bow Street LLC.

"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," said Harvey Kanter, Blue Nile's chairman, CEO and president. "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."

The deal was announced on Nov. 7 and approved by Blue Nile's shareholders on Feb. 2. The stock (Nasdaq: NILE) was delisted on Feb. 21.

The Puget Sound Business Journal has quoted analyst Edahn Golan saying the deal represents "a vote of confidence in the diamond industry." He said Bain Capital and Bow Street clearly anticipate being able to build up the company's value.

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