Permira Completes Tender Offer for Outstanding Shares of Squarespace
Permira, a global investment firm, has successfully completed its cash tender offer for outstanding shares of Squarespace (NYSE: SQSP). The tender offer expired on October 11, 2024, with 46,971,451 shares validly tendered. Combined with shares rolled over or sold directly by affiliates, this represents approximately 97.5% of the aggregate voting power of Squarespace's total outstanding shares.
The tendered shares included about 77.7% of the voting power held by unaffiliated shareholders. All validly tendered shares will be accepted for purchase on October 15, 2024. Permira funds will proceed with a second-step merger, converting remaining shares to cash at the tender offer price. Upon completion, expected on October 17, 2024, Squarespace will become a privately held company.
Permira, una società di investimento globale, ha completato con successo la sua offerta pubblica di acquisto in contante per le azioni in circolazione di Squarespace (NYSE: SQSP). L'offerta è scaduta l'11 ottobre 2024, con 46.971.451 azioni validamente offerte. Combinando le azioni riottenute o vendute direttamente da affiliati, questo rappresenta circa il 97,5% del potere di voto complessivo delle azioni totali di Squarespace.
Le azioni offerte includevano circa il 77,7% del potere di voto detenuto da azionisti non affiliati. Tutte le azioni validamente offerte saranno accettate per l'acquisto il 15 ottobre 2024. I fondi Permira procederanno con una fusione di secondo livello, convertendo le azioni rimanenti in contante al prezzo dell'offerta pubblica. Al termine, previsto per il 17 ottobre 2024, Squarespace diventerà una società privata.
Permira, una firma de inversión global, ha completado con éxito su oferta pública de adquisición en efectivo para las acciones en circulación de Squarespace (NYSE: SQSP). La oferta expiró el 11 de octubre de 2024, con 46,971,451 acciones válidamente ofrecidas. Combinadas con las acciones reinvertidas o vendidas directamente por afiliados, esto representa aproximadamente el 97.5% del poder de voto agregado de las acciones totales en circulación de Squarespace.
Las acciones ofrecidas incluían alrededor de el 77.7% del poder de voto en manos de accionistas no afiliados. Todas las acciones válidamente ofrecidas serán aceptadas para su compra el 15 de octubre de 2024. Los fondos de Permira procederán con una fusión de segundo paso, convirtiendo las acciones restantes en efectivo al precio de la oferta pública. Una vez completado, previsto para el 17 de octubre de 2024, Squarespace se convertirá en una empresa privada.
글로벌 투자 회사인 Permira는 Squarespace (NYSE: SQSP)의 유통 주식에 대한 현금 공개 매수 제안을 성공적으로 완료했습니다. 공개 매수 제안은 2024년 10월 11일에 만료되었으며, 46,971,451주의 주식이 유효하게 제공되었습니다. 제휴사에 의해 직접 재판매되거나 팔린 주식을 포함할 경우, 이는 Squarespace의 총 유통 주식의 약 97.5%에 해당하는 투표권을 나타냅니다.
제공된 주식은 비제휴 주주가 보유한 투표권의 약 77.7%를 포함했습니다. 유효하게 제공된 모든 주식은 2024년 10월 15일에 구매를 위해 수락될 것입니다. Permira 자금은 나머지 주식을 공개 매수 가격으로 현금으로 전환하는 두 번째 단계의 합병을 진행할 것입니다. 예상하는 완료일은 2024년 10월 17일이며, Squarespace는 민간 기업이 됩니다.
Permira, une société d'investissement mondiale, a réussi à finaliser son offre d'achat en espèces pour les actions en circulation de Squarespace (NYSE: SQSP). L'offre a expiré le 11 octobre 2024, avec 46 971 451 actions valablement proposées. Combiné avec les actions réinvesties ou vendues directement par des affiliés, cela représente environ 97,5% du pouvoir de vote total des actions en circulation de Squarespace.
Les actions proposées comprenaient environ 77,7% du pouvoir de vote détenu par des actionnaires non affiliés. Toutes les actions valablement proposées seront acceptées pour achat le 15 octobre 2024. Les fonds de Permira procéderont à une fusion de seconde étape, convertissant les actions restantes en espèces au prix de l'offre. À l'issue, prévue le 17 octobre 2024, Squarespace deviendra une société privée.
Permira, eine globale Investmentfirma, hat erfolgreich ihr Barübernahmeangebot für die ausstehenden Aktien von Squarespace (NYSE: SQSP) abgeschlossen. Das Angebot lief am 11. Oktober 2024 ab und es wurden 46.971.451 Aktien gültig angeboten. In Kombination mit Aktien, die von verbundenen Unternehmen umgeschichtet oder direkt verkauft wurden, entspricht dies ungefähr 97,5% der insgesamt verfügbaren Stimmen der gesamten ausstehenden Aktien von Squarespace.
Die angebotenen Aktien beinhalteten etwa 77,7% der Stimmrechte, die von nicht verbundenen Aktionären gehalten werden. Alle gültig angebotenen Aktien werden am 15. Oktober 2024 zum Kauf akzeptiert. Die Permira-Fonds werden mit einer zweiten Fusion fortfahren, bei der die verbleibenden Aktien zum Angebotspreis in Bargeld umgewandelt werden. Nach Abschluss, der für den 17. Oktober 2024 erwartet wird, wird Squarespace ein privat gehaltenes Unternehmen sein.
- Successful completion of tender offer for Squarespace shares
- 97.5% of aggregate voting power acquired
- 77.7% of unaffiliated shareholders' voting power tendered
- Transition to private company status
- None.
Insights
The successful completion of Permira's tender offer for Squarespace marks a significant milestone in the company's transition from public to private ownership. With 97.5% of the aggregate voting power secured, including 77.7% from unaffiliated shareholders, this deal demonstrates strong investor confidence in Permira's vision for Squarespace.
The $6.4 billion market cap valuation underscores the substantial scale of this transaction. The involvement of major financial institutions like J.P. Morgan, Goldman Sachs and Blackstone in various advisory roles highlights the deal's complexity and importance in the tech sector.
For investors, this buyout represents a premium exit opportunity. The transition to private ownership could allow Squarespace more flexibility in long-term strategic decisions, potentially enhancing its competitive position in the website building and e-commerce platform market. However, it also means the end of public market liquidity for Squarespace shares.
The tender offer's success, securing 97.5% of voting power, significantly streamlines the acquisition process. This high acceptance rate minimizes potential legal challenges from dissenting shareholders, a common risk in such transactions. The planned second-step merger to acquire remaining shares is a standard "squeeze-out" procedure, ensuring full control for Permira.
The involvement of multiple legal firms, including Skadden Arps and Latham & Watkins, indicates the complex legal structuring required for this deal. The presence of a Special Committee with independent legal counsel (Richards, Layton & Finger) demonstrates adherence to corporate governance best practices, potentially mitigating risks of shareholder litigation claiming breach of fiduciary duty.
The expected completion date of October 17, 2024, provides a clear timeline for the transaction's closure, offering certainty to all parties involved. This well-executed legal strategy should facilitate a smooth transition to private ownership.
As of expiration, 46,971,451 shares had been validly tendered and not withdrawn from the tender offer. The tendered shares together with the shares rolled over, or sold directly, by affiliates of Anthony Casalena, General Atlantic and Accel represent approximately 97.5 percent of the aggregate voting power of Squarespace’s total outstanding shares, 84.4 percent of the aggregate voting power of Squarespace’s total outstanding Class A shares, and 100 percent of the aggregate voting power of Squarespace’s total outstanding Class B shares. The tendered shares included approximately 77.7 percent of the aggregate voting power of Squarespace’s total outstanding shares held by Squarespace’s unaffiliated shareholders. All shares that were validly tendered will be accepted for purchase on October 15, 2024. Payment for those shares will be made in accordance with the terms of the tender offer.
The Permira funds will proceed to complete a second-step merger in which any remaining shares of Squarespace common stock will be converted into the right to receive an amount in cash equal to the per share price paid in the tender offer, without interest and less any required withholding taxes. Upon completion of the transaction, which is expected to happen on October 17, 2024, Squarespace will become a privately held company.
Advisors
J.P. Morgan is acting as financial advisor to Squarespace, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Squarespace.
Centerview Partners LLC is acting as financial advisor, and Richards, Layton & Finger is acting as legal counsel, to the Special Committee of the Squarespace Board of Directors.
Goldman Sachs & Co LLC is acting as financial advisor to Permira, Latham & Watkins LLP is acting as legal counsel to Permira, and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as special tax counsel to Permira. Blackstone Credit & Insurance ("BXCI"), Blue Owl Capital, and Ares Capital Corp are acting as Joint Lead Arrangers on the debt financing.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds across two core asset classes, private equity and credit, with total committed capital of approximately
The Permira funds have an extensive track record investing in internet, software and SMB-enablement solutions, having partnered with 50+ companies across SaaS, cybersecurity, digital commerce, fintech and online marketplaces. The Permira funds have previously supported and helped scale some of the largest and fastest-growing technology businesses globally, including LegalZoom, Klarna, Zendesk, Magento, Carta, Adevinta, The Knot Worldwide, Boats Group, Housecall Pro, and others.
The Permira private equity funds make both long-term majority (Buyout) and minority (Growth Equity) investments in four key sectors: Technology, Consumer, Healthcare and Services. Permira employs over 500 people in 16 offices across
About Squarespace
Squarespace (NYSE: SQSP) is a design-driven platform helping entrepreneurs build brands and businesses online. We empower millions in more than 200 countries and territories with all the tools they need to create an online presence, build an audience, monetize, and scale their business. Our suite of products range from websites, domains, ecommerce, and marketing tools, as well as tools for scheduling with Acuity, creating and managing social media presence with Bio Sites and Unfold, and hospitality business management via Tock. For more information, visit www.squarespace.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241014226024/en/
For Permira:
Nina Gilbert
Nina.Gilbert@permira.com
James Williams
james.williams@permira.com
OR
FGS Global
Permira-NA@FGSGlobal.com
For Squarespace:
Investors
investors@squarespace.com
Media
press@squarespace.com
Source: Permira
FAQ
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