Zuora rises as Silver Lake, GIC to buy co in $1.7 bln deal

Zuora

17/10/2024 13:51

** Shares of billing software firm Zuora  ZUO.N  jump 5% at
$9.90 premarket
    ** Company agrees to be acquired by technology investment
firm Silver Lake in partnership with an affiliate of GIC in a
deal valued at $1.7 bln
    ** ZUO's shareholders to receive $10/share in cash, a
premium of 6.2% to stock's last close
    ** Deal has been unanimously approved and recommended for
approval by stockholders by Zuora's board, company says
    ** Founder-CEO Tien Tzuo to continue to lead the company
after completion of deal
    ** Zuora, which makes subscription management software for
businesses, was exploring options that include a sale after
receiving acquisition interest from potential suitors, Reuters
reported in April
    ** Stock largely unchanged this year

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))