LogMeIn valued at USD 4.3 bln in acquisition deal
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.
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