Website-design platform Squarespace (SQSP) is being taken private in a $6.90 billion U.S. all-cash deal.
Private equity firm Permira has announced plans to take Squarespace private, sending the stock of Squarespace up 13% in early trading.
New York City-based Squarespace helps businesses and individuals design websites and create e-commerce stores.
Permira’s offer price of $44 U.S. a share represents a 15.2% premium to the stock’s last closing price of $38.19 U.S. on May 10.
The offer price values Squarespace at more than $6.60 billion U.S.
Squarespace went public in May 2021 and was valued at $6.50 billion U.S. in its market debut. The stock has declined 23% since its initial public offering (IPO) three years ago.
The take private deal is expected to close by the end of this year.
Founded in 1985, Permira is a British global investment firm specializing in buyouts, growth equity, and credit funds.
