Enterprise data cloud company, Cloudera announced that the company has entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice, and KKR for $5.3 billion. As a result of the transaction, Cloudera will become a private company and the transaction is expected to close in the second half of 2021.
All-cash $5.3 billion
The company’s board of directors approved the transaction and recommends that the Cloudera shareholders approve the transaction and adopt the merger agreement. Cloudera shareholders will receive $16.00 in cash per share, representing a 24% premium to the closing price as of May 28, 2021.
Closing of the deal is subject to customary closing conditions, including the approval of Cloudera shareholders and antitrust approval. The agreement also includes a 30-day “go-shop” period expiring on July 1. It allows the board and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties with an additional 10 days to negotiate a definitive agreement with qualifying parties. Rob Bearden, CEO of Cloudera said,
“This transaction provides substantial and certain value to our shareholders while also accelerating Cloudera’s long-term path to hybrid cloud leadership for analytics that span the complete data lifecycle, from the Edge to AI. We believe that as a private company with the expertise and support of experienced investors such as CD&R and KKR, Cloudera will have the resources and flexibility to drive product-led growth and expand our addressable market opportunity.”
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