Sumo Logic bumps up on report it could be sold for $1.7bn to Francisco Partners

Sumo Logic agreed to be acquired by investment firm Francisco Partners in a deal that values the big data firm at about $1.7bn.

Shareholders in Sumo Logic, which went public in 2020, will receive $12.05 per share in cash, representing a premium of about 57% to the stock’s close before media reported last month about a possible deal.

The deal, which the Wall Street Journal first reported on Wednesday, is expected to close in the second quarter of this year.

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Redwood City, California-based Sumo Logic’s cloud-based tools help crunch data on a massive scale.

Francisco Partners raised roughly $17 billion across two funds last year and has invested in more than 400 technology companies since it was launched over 20 years ago.

Shares in Sumo Logic turned negative 2.3% in morning trade, after trading up about 3% before the bell.

Source: Reuters

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