Squarespace, Inc. (SQSP) announced Monday that it will be acquired by private equity firm Permira in a deal worth around $6.9 billion.
The agreement, all-cash, will see stockholders receive $44 per share, a 29% premium over the 90-day average trading price.
Founder and CEO Anthony Casalena will retain a significant equity stake and will continue to lead Squarespace as Chief Executive Officer.
Long-term investors General Atlantic and Accel are also reinvesting, underscoring their confidence in Squarespace's future. The transaction is expected to conclude by the fourth quarter of 2024, transitioning Squarespace into a privately-held entity.
JP Morgans is acting as financial advisor to Squarespace.
"Squarespace has been at the forefront of providing services to businesses looking to establish themselves online for more than two decades. We are excited to continue building on that foundation, and expanding our offerings, for years to come," said Casalena.
"We are thrilled to be partnering with Permira on this new leg of our journey, alongside our existing long-term investors General Atlantic and Accel, who strongly believe in the future of Squarespace."