Big Data Company Cloudera To Go Private In $5.3 Billion Deal
Cloudera is being acquired by private equity investment companies CD&R and KKR for $16.00 per share with the transaction expected to close by the end of 2021. By Rick Whiting June 01, 2021, 01:04 PM EDT
Cloud data management company Cloudera is being taken private in a $5.3 billion acquisition deal by private equity firm Clayton, Dubilier & Rice (CD&R) and global investment company KKR, Cloudera said Tuesday.
Under the definitive agreement Cloudera shareholders will be paid $16.00 per share in cash, which the company said represents a 24 percent premium to the May 28 closing price of the company’s stock and a 30 percent premium to the 30-day volume weighted average share price.
Cloudera agrees to be acquired by investment firms Clayton, Dubilier & Rice (CD&R) and KKR.
The deal values the company at $5.3 billion or $16/share, a 24% premium to the closing price on May 28, 2021.
The transaction is expected to be completed in the second half of the year.
Cloudera Inc. (NYSE: CLDR), a provider of enterprise data cloud platform, announced today that it has entered into a definitive agreement to be acquired by investment firms Clayton, Dubilier & Rice (CD&R) and KKR. This will be an all-cash transaction. The deal values the company at $5.3 billion, which equates to $16 per share, representing a 24% premium to the closing price as of May 28, 2021.
Box Announces KKR-led Investment
WASHINGTON (dpa-AFX) - Global investment firm KKR funds will lead a $500 million investment in Box, Inc. (BOX) in the form of convertible preferred stock. The preferred stock will be convertible into shares of Box common stock at a conversion price of $27.00 per share. The preferred stock carries a 3% dividend, which will be payable in kind or in cash, at Box s election. Upon closing of the deal, John Park, Head of Americas Technology Private Equity at KKR, will join Box s Board.
Box anticipates the investment to close in May 2021. The company plans to use substantially all of the proceeds to fund a share repurchase through a Dutch auction self-tender of up to $500 million of its common stock.
KKR hands Box a $500M lifeline
Box announced this morning that private equity firm KKR is investing $500 million in the company, a move that could help the struggling cloud content management vendor get out from under pressure from activist investor Starboard Value.
The company plans to use the proceeds in what’s called a “dutch auction” style sale to buy back shares from certain investors for the price determined by the auction, an activity that should take place after the company announces its next earnings report in May. This would presumably involve buying out Starboard, which took a 7.5% stake in the company in 2019.