Squarespace (NYSE:SQSP) stock is a hot topic on Monday following news that the business management company is being taken private in a $6.9 billion deal with global private equity firm Permira.
This deal will see investors in SQSP stock receive $44 per share in cash. That represents a 15% premium over the stock’s prior closing price of $38.19 and a 29% premium compared to its 90-day volume-weighted average trading price.
A Special Committee of the Squarespace board of directors has unanimously approved the deal. Squarespace CEO Anthony Casalena and investors General Atlantic and Accel also approved it. Together, they hold 90% of voting rights.
Casalena said the following about the deal to take Squarespace private:
“We are thrilled to be partnering with Permira on this new leg of our journey, alongside our existing long-term investors General Atlantic and Accel, who strongly believe in the future of Squarespace.”
What This Means for SQSP Stock
When this deal closes in the fourth quarter of 2024, shares of SQSP stock will no longer trade publicly. Casalena will rollover the majority of his investment in SQSP stock. That will see him remain one of its largest shareholders after the take-private deal. The company will also keep its current management team.
SQSP stock is up 13.1% as of Monday morning, with more than 5 million shares traded. That’s well above its daily average trading volume of about 761,000 shares.
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On the date of publication, William White did not have (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.
