Connect with us

Hi, what are you looking for?


KKR, CD&R take data analytics firm Cloudera private for $4.7 billion

Stock Markets18 minutes ago (Jun 01, 2021 06:06PM ET)

(C) Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

By Chavi Mehta and Krystal Hu

(Reuters) -Private equity firms Clayton Dubilier & Rice LLC (CD&R) and KKR & Co (NYSE:KKR) will take Cloudera (NYSE:CLDR) Inc private for $4.7 billion, the cloud-based data analytics company said on Tuesday.

Shares of Cloudera jumped 23.9% to $15.93, near the offer price of $16 per share in cash.

Cloudera provides cloud-based software and platforms to enterprises in highly regulated industries, including financial firms and government agencies. Its largest shareholder is Carl Icahn, who holds about 17.8% of Cloudera’s total shares, according to Refinitiv data.

Shares of the Palo Alto-based company have largely underperformed since it went public in 2017. The company’s quarterly revenue rose 7% to $224.3 million and its net loss per share narrowed to 14 cents, it said on Tuesday.

Once a high-growth company, Cloudera has struggled to make money and maintain its growth rate. As it doubles down on hybrid cloud solutions that operate across cloud providers, Cloudera thinks it’s easier to do so without the pressure of quarterly reporting.

“We believe in hybrid cloud and want to continue to invest to expand our offerings. Being a private company can help us go through the transition more smoothly,” said Mick Hollison, president at Cloudera.

With an uptick in demand since the COVID-19 pandemic last year, major cloud services providers including Inc (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) Inc’s Google and Microsoft Corp (NASDAQ:MSFT) have been pushing to provide similar services to those offered by Cloudera.

Bloomberg reported last June that Cloudera had been exploring a sale after getting takeover interest.

The deal, expected to close in the second half of this year, includes a 30-day “go-shop” period, which allows the company to consider alternative offers without penalty.

Morgan Stanley (NYSE:MS) advised Cloudera, while GCA Advisors, BofA Securities, William Blair, Perella Weinberg Partners, Cowen and J.P. Morgan advised KKR and CD&R.

Separately, Cloudera said it would acquire software-as-a-service platforms Datacoral and Cazena to boost its public cloud offering. The terms of the deals were not disclosed.

KKR, CD&R take data analytics firm Cloudera private for $4.7 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

World News

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered...

World News

George Soros and Bill Gates are part of a consortium acquiring a British developer of rapid-testing technology, including for Covid-19 and tropical diseases,...


If you parked your car in one of the thousands of parking spots across Calgary, there’s a good chance you paid the Calgary Parking...


ForexMay 27, 2021 02:04AM ET (C) Reuters. By Peter Nurse — The dollar edged higher in early European trade Thursday, finding support from...

Disclaimer: it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. Copyright © 2021 Your Morning Voice. All Rights Reserved