Squarespace has announced its decision to go private. The company has entered into a definitive agreement with Permira, a global private equity firm, for an all-cash transaction valued at approximately $6.9 billion.
Stockholders of Squarespace will receive $44.00 per share in cash, marking a transaction valued at over $6.6 billion on an equity value basis and approximately $6.9 billion on an enterprise value basis. This purchase price represents a premium of approximately 29% over Squarespace’s 90-day volume weighted average trading price, and a premium of 15% over Squarespace’s closing share price of $38.19 on the NYSE on May 10, 2024.
Upon completion of the transaction, Squarespace will become a privately held company with the flexibility and resources to invest in enabling entrepreneurs to build better online brands and more easily transact with their customers. Anthony Casalena, the founder of Squarespace, will roll over a substantial majority of his existing equity and continue to be one of the largest shareholders following this transaction. He will continue to serve as Squarespace’s Chief Executive Officer and Board Chairman and lead the business in all aspects of its operations, along with Squarespace’s current leadership team, who are expected to continue their roles following the close of the transaction.
Read more: investors.squarespace.com