Permira To Take Squarespace Private In $6.9 Bln All-cash Deal
(RTTNews) - Design-driven platform Squarespace, Inc. (SQSP) announced Monday that it has entered into a definitive agreement to go private by private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion.
Under the terms of the agreement, Squarespace stockholders will receive $44.00 per share in cash representing a transaction valued at over $6.6 billion on an equity value basis and approximately $6.9 billion on an enterprise value basis.
The purchase price represents a premium of 15% over Squarespace's closing share price of $38.19 on the NYSE on May 10, 2024.
Upon completion of the transaction, Squarespace will become a privately held company with the flexibility and resources to invest in enabling entrepreneurs to build better online brands and more easily transact with their customers.
Anthony Casalena will roll over a substantial majority of his existing equity and continue to be one of the largest shareholders following this transaction. He will continue to serve as Squarespace's Chief Executive Officer and Board Chairman, and lead the business in all aspects of its operations, along with Squarespace's current leadership team.
The transaction was unanimously approved and recommended by a Special Committee of the Squarespace Board of Directors, composed entirely of independent and disinterested directors, and unanimously approved by the Board of Directors.
Squarespace CEO Anthony Casalena and long-term investors General Atlantic and Accel, representing approximately 90% of the Company's voting shares, have agreed to vote in favor of the transaction.
The transaction, subject to receipt of regulatory approvals, is expected to close by the fourth quarter of 2024. Upon completion of the transaction, Squarespace's common stock will no longer be publicly listed, and Squarespace will become a privately-held company.