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KnowBe4 To Be Taken Private By Vista Equity Partners In All-cash Deal Valued At About $4.6 Bln
(RTTNews) - KnowBe4, Inc. (KNBE) announced Wednesday that it has entered into a definitive agreement to be acquired by Vista Equity Partners in an all-cash transaction valued at approximately $4.6 billion on an equity value basis.
Under the terms of the merger agreement, KnowBe4 stockholders will receive $24.90 per share in cash for each share of common stock that they own upon completion of the proposed transaction.
The per share purchase price represents a 44 percent premium to the Company's unaffected closing price on September 16, 2022, the last full trading day before Vista publicly disclosed its initial non-binding acquisition proposal.
The agreement was unanimously approved and recommended to the Board by the Special Committee and then unanimously approved and recommended for approval by the stockholders by KnowBe4's Board of Directors.
In connection with the transaction, Vista has entered into support agreements with Sjouwerman and investment funds affiliated with KKR and Elephant Partners.
Vista intends to finance the transaction through a combination of debt and equity financing, including the rollover and investment contemplated by the support agreements.
The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including receipt of regulatory approvals and approval by KnowBe4 stockholders.
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