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Squarespace is Going Private

Posted on the 15 May 2024 by Worldwide @thedomains

Close to a year after buying Google’s domain business, Squarespace is going private. The stock popped 13% on the news yesterday. It closed today basically unchanged.

CNBC mentioned

  • Squarespace will go private in a $6.9 billion, all-cash deal with Permira.
  • Major shareholders Accel and General Atlantic, as well as CEO Anthony Casalena, have approved the deal, which is being financed with help from Ares and Blackstone.
  • Squarespace is the latest tech firm to go private, after continued struggles and underperformance as a publicly traded company.

They also point out that the $44 per share in cash, a roughly 30% premium to Squarespace’s unaffected share price. Squarespace was never a market darling. It opened below its $50 reference price in 2021 and never again traded above its $48 open price.

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