Zuora rises as Silver Lake, GIC to take company private in $1.7 bln deal

Zuora

17/10/2024 14:58

(Updates)
    ** Billing software firm Zuora's  ZUO.N  shares jump as much
as 6.7% to $10.05
    ** Company agrees to be acquired by technology investment
firm Silver Lake in partnership with affiliate of GIC in deal
valued at $1.7 bln
    ** ZUO's shareholders to receive $10/shr in cash, a premium
of 6.2% to stock's last close
    ** ZUO hits highest levels since June 12
    ** 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 company after
completion of deal
    ** Zuora, which makes subscription management software for
businesses, was exploring options that included a sale after
receiving acquisition interest from potential suitors, Reuters
reported in April

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