M&A · Tech · Services-Prepackaged Software
Permira to acquire Squarespace, Inc.
Announced May 13, 2024 · Closed Oct 17, 2024
Deal value$7.20BEV $7.20B
Premium15.0%To unaffected price
EV / Adj. EBITDA30.4x6.8x EV / Revenue
ConsiderationAll cash$44.00 per share
Transaction
- Acquirer
- Permira
- Target
- Squarespace, Inc. (SQSP)
- Buyer type
- Private equity
- Offer price per share
- $44.00
- Enterprise value
- $7.20B
- Status
- Closed Oct 17, 2024
Deal protections
- Break fee (target pays)
- $199M · 2.8%
- Reverse fee (buyer pays)
- $232M · 3.2%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- JPMorgan, Centerview
- Centerview fee
- $45.0M
Sector context · Tech
- Comparable deals
- 54 in the prior 24 months
- Premium
- 15.0% vs. 46.0% sector median
- EV / Adj. EBITDA
- 30.4x vs. 14.7x sector median
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedMay 13, 2024
- Tender offerJun 17, 2024
- ClosedOct 17, 2024
Valuation · fairness opinions
Trading comparables$38.10$45.10
Discounted cash flow$41.65$53.10
Offer $44.00
Implied value per Squarespace, Inc. share by analysis, from Centerview · DCF discount rate 12.5%–14.5%.