LogMeIn valued at USD 4.3 bln in acquisition deal

In Hungary

logmein.hu

LogMeIn, a Boston-based tech company that was launched in Budapest, on Tuesday said it agreed to be acquired by affiliates of the private equity firms Francisco Partners and Evergreen Coast Capital in a deal that values it at about USD 4.3 billion, state news wire MTI reports.

Image: Logmein.hu

Francisco Partners and Evergreen agreed to pay USD 86.05 per share, in cash, for LogMeIn which offers a range of cloud-based connectivity services.

LogMeIn noted that the purchase price reflects a premium of about 25% over LogMeInĘĽs closing stock price on September 18, 2019, the last trading day before a media report was published speculating about a potential sales process.

LogMeInĘĽs board approved the agreement with Francisco Partners and Evergreen and recommended that shareholders vote in favor of the transaction.

The transaction is expected to close in mid-2020, subject to shareholder approval and regulatory clearance.

The deal includes a customary 45-day "go shop" period which allows LogMeIn and its advisors to actively solicit alternative acquisition proposals and potentially enter negotiations with other parties.

ADVERTISEMENT

Number of Road Accidents Involving Injury Edges Higher in Q3 Figures

Number of Road Accidents Involving Injury Edges Higher in Q3

Gov't Keeps Rate on General-purpose Student Loans at 7.99% Government

Gov't Keeps Rate on General-purpose Student Loans at 7.99%

Hungarian Companies Participate in EU Cloud Computing Projec... Innovation

Hungarian Companies Participate in EU Cloud Computing Projec...

Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust City

Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.