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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.