Software company Squarespace is set to go private in a $6.9 billion all-cash deal with private equity firm Permira. Squarespace shareholders will receive $44 per share, compared to the $50 per share price when the company went public via direct listing two years ago. The deal, unanimously approved by a special committee of the Squarespace board of directors, has also garnered unanimous approval from the full board. The company, known for helping entrepreneurs build brands and businesses online, is headquartered in New York.
Anthony Casalena will continue to serve as Squarespace CEO and chairman following the transaction. Major shareholders, including Casalena and long-term investors General Atlantic and Accel, which collectively hold about 90% of the company's voting shares, have agreed to vote in favor of the acquisition. The transaction is expected to close by the fourth quarter of this year. The announcement led to a 13% rise in Squarespace’s shares before the market opened on May 13, 2024. Permira, a global private equity firm, has a history of investing in technology and digital transformation sectors, making it a strategic partner for Squarespace's future growth and innovation.
