Squarespace Inc jumped 13% on Monday following news the software company was to be taken private through a US$6.9 billion deal with Permira.
Shareholders are set to receive US$44 per share, valuing the company at US$6.6 billion on an equity basis, with the figure marking a 15% premium to its 90-day average price.
Chief executive Anthony Casalena will retain his role and most equity, in turn remaining one of Squarespace’s largest shareholders, a statement said on Monday.
“Squarespace has built a distinct and globally recognized creative brand and an incredible, design-driven platform of tools that empower entrepreneurs and small businesses to establish and scale their online presence,” Permira partner David Erlong commented.
“We are excited to partner with Anthony and his team to support the company in unlocking its full potential.”
Having been approved unanimously by Squarespace’s board and large shareholders General Atlantic and Accel, the deal is expected to close by the final quarter.
Squarespace climbed 13.22% to US$43.24 on the news.