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Wed, February 8 at 8:00PM ET

KnowBe4 (KNBE) Stock Jumps 12% on Take-Private Deal

  • KnowBe4 (KNBE) stock is rising on news that the company is going private.
  • Vista Equity Partners will acquire the company for $4.6 billion.
  • This has Vista paying $24.90 per share for KNBE stock.
A magnifying glass zooms in on the website for KnowBe4 (KNBE stock).

Source: II.studio / Shutterstock.com

KnowBe4 (NASDAQ:KNBE) stock is getting a boost on Wednesday as investors react to a deal that will take the cybersecurity company private.

Vista Equity Partners is looking to buy KnowBe4 and take it off the public market. Specifically, the company is offering $24.90 per share in cash to do so in a deal that values KnowBe4 at $4.6 billion. That offer represents a roughly 15% premium to the closing price of KNBE stock on Tuesday.

Vista Flagship Fund Co-Head and Senior Managing Director Michael Fosnaugh said the following about the deal:

“As a trusted partner to enterprise software companies around the world, we make a point to invest in businesses that make a difference and have a demonstrated track record of success […] We look forward to leveraging our deep understanding of the business to help Stu and his talented and experienced team address the human element of cybersecurity.”

KNBE Stock: Finer Details of the Deal

KnowBe4 notes that its board of directors has already given their full support to the acquisition. This came after a special committee formed by independent board members reviewed and approved the deal.

As for when the deal will close, KnowBe4 and Vista Equity Partners are aiming for the first half of 2023. Vista has also entered into agreements with 83% of KNBE shareholders to vote in favor of the deal.

KNBE stock is up 12.6% as of Wednesday morning.

Investors seeking more stock market news will want to stick around!

We’ve got all of the hottest stock market news worth knowing about today! A few examples include why shares of Intel (NASDAQ:INTC), Novavax (NASDAQ:NVAX) and AMTD Digital (NYSE:HKD) stock are moving today. You can get all of those details from the following links!

More Wednesday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/knowbe4-knbe-stock-jumps-12-on-take-private-deal/.

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