Private equity firms KKR and Clayton Dubilier & Rice (CD&R) will take Cloudera private for US$4.7 billion (A$6 billion), the cloud-based data analytics company said on Tuesday.
Shares of Cloudera jumped about 25 percent to US$16.07 premarket, above the offer price of US$16 per share in cash.
The offer price represents a premium of about 24 percent to Cloudera’s last close on Friday.
Cloudera, which provides cloud-based software and platform to enterprises, including financial firms and government agencies, counts Carl Icahn as its largest shareholder.
The activist investor holds about 17.8 percent of Cloudera’s total shares, according to Refinitiv data.
With an uptick in demand since the Covid-19 pandemic last year, major cloud services providers including AWS, Google and Microsoft have been pushing to provide products similar to ones offered by Cloudera.
Bloomberg Law reported in June last year that Cloudera had been exploring a sale after getting takeover interest.
Cloudera, which also posted first-quarter results on Tuesday, cancelled its earnings call scheduled on June 2 following the take-private offer.
The company’s quarterly revenue rose seven percent to US$224.3 million and net loss per share narrowed to 14 US cents.
The deal, expected to close in the second half of this year, includes a 30-day “go-shop” period, which allows the company to consider alternative offers, Cloudera said.
Morgan Stanley & Co is the financial adviser to Cloudera, while GCA Advisors, BofA Securities, William Blair & Co, Perella Weinberg Partners LP, Cowen and J.P. Morgan advised KKR and CD&R.
Separately, Cloudera said it would acquire software-as-a-service platforms Datacoral and Cazena in two transactions to boost its public cloud offering.
The terms of the deals were not disclosed.