Cloudera Agrees To $5.3 Billion Takeover By KKR, Clayton Dubilier & Rice
Carl Ichan-backed Cloudera has agreed to a $5.3 billion takeover by private equity groups Kohlberg Kravis Roberts & Co and Clayton Dubilier & Rice.
Carl Ichan-backed Cloudera has agreed to a $5.3 billion takeover by private equity groups Kohlberg Kravis Roberts & Co and Clayton Dubilier & Rice.
Cloudera (CLDR) - Get Report shares surged higher Tuesday after a group of private equity investors, lead by KKR, agreed to a $5.3 billion takeover of the cloud computing and data analytics group.
Kohlberg Kravis Roberts & Co and Clayton Dubilier & Rice LLC said they will pay $16 a share in cash for Palo Alto, California-based Cloudera, a 24.4% premium to its Friday closing price, and expects the deal to close in the second half of 2021.
Cloudera had been the subject of a number of potential takeovers following pressure from activist investor Carl Icahn, who built an 18.4% stake in the group in 2019 and placed two affiliates -- Nicholas Graziano and Jesse Lynn -- appointed to Cloudera's expanded ten-person board in exchange for limiting is stake in the group to under 20%.
Cloudera shares were marked 23.1% higher in pre-market trading Tuesday to indicate an opening bell price of $15.83 each, a move that would peg the stock's year-to-date gain at around $13.8%.
Cloudera posted earnings of 15 cents per share for the three months ending in January, the group's fiscal fourth quarter, with revenues rising 7% from the previous year to $226.6 billion. The group was scheduled to publish its first quarter earnings on Wednesday.
For the current financial year, Cloudera had forecast revenues in the range of $907 million to $927 million with subscription sales topping out at $832 million.
