BUZZ-Zuora rises as Silver Lake, GIC to buy co in $1.7 bln deal

Reuters
2024-10-17

** Shares of billing software firm Zuora jump 5% at $9.90 premarket

** Company agrees to be acquired by technology investment firm Silver Lake in partnership with an affiliate of GIC in a deal valued at $1.7 bln

** ZUO's shareholders to receive $10/share in cash, a premium of 6.2% to stock's last close

** Deal has been unanimously approved and recommended for approval by stockholders by Zuora's board, company says

** Founder-CEO Tien Tzuo to continue to lead the company after completion of deal

** Zuora, which makes subscription management software for businesses, was exploring options that include a sale after receiving acquisition interest from potential suitors, Reuters reported in April

** Stock largely unchanged this year

(Reporting by Savyata Mishra in Bengaluru)

((Savyata.Mishra@thomsonreuters.com))

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