Zuora to be Acquired by Silver Lake, GIC in Deal Valued at $1.7B

Dow Jones

2024-10-17

By Denny Jacob

Zuora will go private in an agreed acquisition by Silver Lake in partnership with an affiliate of GIC Pte. in a deal valued at $1.7 billion.

The cloud-based subscription management platform provider said SIlver Laker and GIC will acquire all of its outstanding shares for $10 a share in cash.

The purchase price is an 18% premium to its closing stock price on April 16, the last full trading day prior to reports regarding a possible sale.

Zuora's board unanimously approved and recommended the agreement move to a shareholder vote.

The deal is expected to close in the first quarter of 2025.

Chief Executive Tien Tzuo will roll over a majority of his existing ownership and continue to lead the company.

Shares were up 5% to $9.89 in premarket trading Thursday.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 17, 2024 08:50 ET (12:50 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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