Squarespace Agrees to $6.9 Billion All-Cash Deal, Going Private with Permira from tower communications stock Watch Video
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⏲ Duration: 0:36 👁 View: 680K times ✓ Published: 14-May-2024
Description: Website-building platform Squarespace announced it will go private in a $6.9 billion all-cash deal with private equity firm Permira. Permira will pay $44 per share, a 30% premium over Squarespace's unaffected stock price. Squarespace struggled as a public company, opening below its reference price and never trading above its IPO price. Major shareholders approved the deal and will remain investors after the acquisition. The deal marks a trend of smaller tech companies going private after difficulties in the public markets.