Squarespace Inc. shareholders will receive $44 for each share they own
Software firm Squarespace is set to go private in a $6.9billion all-cash deal with private equity firm Permira.
Shareholders of Squarespace Inc., a company that aids entrepreneurs in building their brands and businesses online, will pocket $44 per share. The company went public two years ago at $50 per share.
A special committee of the Squarespace board of directors gave unanimous approval and recommended the deal, which was then given the green light by the board.
Anthony Casalena will continue his role as Squarespace chief executive and chairman. Mr Casalena, along with long-term investors General Atlantic and Accel, who hold about 90% of Squarespace’s voting shares, have agreed to back the transaction.
The deal is anticipated to be finalised by the fourth quarter. Shares of the New York-based company saw a 13% rise before the market opened on Monday.
New york-based Squarespace was founded in 2003 by Anthony Casalena originally as a blog hosting service. In the last two decades it has grown to be a website and hosting company. It allows customers to use pre-built wesbite templates and has many other features to enable customers to modify webpages.
