LogMeIn, a leading provider of cloud-based connectivity, has announced that it has entered into a definitive agreement to be acquired. The transaction, led by affiliates of Francisco Partners, a leading technology-focused global private equity (PE) firm, and including Evergreen Coast Capital Corporation, the PE affiliate of Elliott Management Corp., equates to USD86.05 cash per share. This values LogMeIn at an aggregate equity valuation of approximately USD4.3 billion.
Bill Wagner, President and Chief Executive Officer of LogMeIn, said:
“This transaction acknowledges the significant value of LogMeIn and provides our stockholders with a meaningful and certain cash offer at a compelling premium,”
“Together, Francisco Partners and Evergreen are committed to addressing the unique needs of both our core and growth assets. We believe our partnership with Francisco Partners and Evergreen will help put us in a position to deliver the operational benefits needed to achieve sustained growth over the long term.” he concluded.
“LogMeIn has a compelling product portfolio and leadership in the Unified Communications and Collaboration, Identity, and Digital Engagement markets,” said Andrew Kowal, Senior Partner at Francisco Partners.
“This investment builds on the strength of our infrastructure and security software franchise and we are thrilled to partner with the company to achieve its long-term strategic vision,” added Dipanjan “DJ” Deb, co-founder and CEO of Francisco Partners.
“We have deep appreciation for the LogMeIn franchise and leadership team from our long-term involvement in the business,” said Elliott Management Partner, Jesse Cohn and Portfolio Manager, Jason Genrich.
LogMeIn share value[/caption]
