Vista Equity Scoops Up Active Network for $1.1B
Software maker Active Network (NASDAQ:ACTV) sealed a $1.05 billion go-private deal on Monday from private-equity firm Vista Equity in a deal that carries a 27.2% premium.
The agreement will allow Vista Equity to get its hands on San Diego-based Active Network, which generated $419 million in revenue last year by selling software for event management and online registrations.
Vista agreed to pay $14.50 a share for Active Network, representing a 27.2% premium on the company’s Friday close and a 111% premium on its average closing price this year.
"This announcement represents a very positive event for our stockholders and allows ACTIVE to build on its success to date," interim Active Network CEO Jon Belmonte said in a statement.
Shares of Active Network rallied 26.23% to $14.39 in premarket trading on Monday morning, positioning them to extend their 2013 surge of 132%.
Citigroup (NYSE:C) served as Active Network’s financial advisor, while Bank of America Merrill Lynch (NYSE:BAC) advised Vista.