SurveyMonkey owner Momentive Globa on Monday said it would be acquired by a consortium led by private equity firm Symphony Technology Group in an all-cash deal that values the company at about $1.5bn.
Shares in the San Mateo, California-based firm, which controls the popular survey platform, jumped 18.5% to $9.15 in extended trading.
Under the terms of the deal, Momentive shareholders will get $9.46 for each share owned, representing a premium of about 46% to the stock’s last close before media reports of a potential sale emerged in October.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The deal, which is expected to close in the second or third quarter of 2023, comes after software services company Zendesk proposed to buy Momentive for nearly $4 billion in an all-stock deal in 2021, but later refused due to opposition from shareholders.
Source: Reuters
Can’t stop reading? Read more
Toyota’s $42bn bid to simplify empire draws private equity interest
Toyota’s $42bn bid to simplify empire draws private equity interest Toyota Chairman Akio Toyoda is...
Bain Capital and KPS circle Iveco’s €1.5bn defence unit as private equity interest in military assets surges
Bain Capital and KPS circle Iveco’s €1.5bn defence unit as private equity interest in military...
Capital Group and KKR win SEC nod for hybrid credit funds aimed at retail investors
Capital Group and KKR win SEC nod for hybrid credit funds aimed at retail investors Capital Group...