Close to a year after buying Google’s domain business, Squarespace is going private. The stock popped 13% on the news yesterday. It closed today basically unchanged.
- Squarespace will go private in a $6.9 billion, all-cash deal with Permira.
- Major shareholders Accel and General Atlantic, as well as CEO Anthony Casalena, have approved the deal, which is being financed with help from Ares and Blackstone.
- Squarespace is the latest tech firm to go private, after continued struggles and underperformance as a publicly traded company.
They also point out that the $44 per share in cash, a roughly 30% premium to Squarespace’s unaffected share price. Squarespace was never a market darling. It opened below its $50 reference price in 2021 and never again traded above its $48 open price.