Private equity firm Permira will take Squarespace private in an all–cash deal valued at about $6.9 billion, the website-design platform said on Monday.
Shares of the company, which helps businesses and individuals build, design websites and create e-commerce stores, rose nearly 12% in premarket trading.
Permira‘s offer price of $44 per share, represents a 15.2% premium to the stock’s last closing price on Friday. The offer price values Squarespace at more than $6.6 billion, the company said.
Squarespace went public in May 2021 and was valued at $6.5 billion in its market debut.
Founder and CEO Anthony Casalena will roll over a substantial majority of his existing stake and continue to be one of the largest shareholders after the deal, the company said.
The transaction is expected to close by the fourth quarter of 2024.