Business

Permira Acquires Squarespace in $6.9B Deal

May 13, 2024 1 min read

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Permira, a U.K.-based private equity firm, has agreed to acquire Squarespace, Inc. in an all-cash transaction valued at approximately $6.9 billion. The website-design platform announced that the offer price of $44 per share represents a premium over the stock's recent closing price, as well as a 29% increase over the 90-day volume-weighted average trading price. Anthony Casalena, the Founder and CEO of Squarespace, will roll over a significant portion of his existing stake and remain one of the company's largest shareholders, as well as continuing his roles as CEO and Board Chairman.

The acquisition is the latest in a series of investments by Permira, which recently acquired a majority stake in the cybersecurity firm BioCatch. Notably, long-term investors General Atlantic and Accel are also expected to reinvest in Squarespace as part of the transaction. The deal, which is subject to regulatory approvals, is anticipated to close by the fourth quarter of either 2024 or 2025, as per differing reports.

#private-equity #tech #finance

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