Cloud-based platform solutions provider, Endurance International announced that it has entered into a definitive merger agreement to be acquired by affiliates of Clearlake Capital Group in an all-cash transaction valued at approximately $3.0 billion including outstanding indebtedness. The agreement has been unanimously approved by the members of the Endurance Board of Directors. According to the agreement, Clearlake will acquire all of the outstanding common shares of Endurance for $9.50 per share in cash.
$3.0 billion
The company also announced that Endurance shareholders will hold a special meeting following the filing of a definitive proxy statement with the U.S. Securities and Exchange Commission. Endurance International is known for its brand including Bluehost, HostGator, Constant Contact, iPage, SiteBuilder.com, BigRock, Domain.com, BuyDomains, Mojo Marketplace, and Reseller Club.
The acquisition is expected to close in the first quarter of 2021 and is subject to approval by Endurance shareholders, along with the satisfaction of customary closing conditions. The transaction will be financed by a combination of committed equity financing from the Clearlake funds and has secured committed debt financing for the proposed transaction. Behdad Eghbali, Co-Founder and Managing Partner, and James Pade, Partner at Clearlake, said,
“The Endurance family of brands has built a leading position in the large and growing cloud hosting, domain, and digital marketing software space. We look forward to partnering with this talented team and supporting its long-term strategic plan to drive growth through its focus on customer value. We are excited to leverage Clearlake’s O.P.S. framework to help the Company fuel growth both organically and through acquisitions.”