Squarespace, the website-building platform, announced it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market.
Permira agreed to pay $44 per share in cash, a roughly 30% premium to Squarespace’s unaffected share price, CNBC reports. In recent years, Squarespace struggled to capture public-market support: It opened below its $50 reference price in 2021 and never again traded above its $48 open price.
Market watchers at the time of the direct listing had expected to value the firm at about $10B.
Squarespace competes with Wix and Shopify for a slice of the website-builder and e-commerce marketplace. Shares rose nearly 13% to $43 per share in pre-market trading. Permira will finance the deal with the help of Ares Capital, Blackstone and Blue Owl. Read more.
