TechTaffy

tech:

taffy

Squarespace to be acquired by Permira for $6.9B

By TechTaffy Desk

Squarespace, a platform that helps entrepreneurs build online brands and businesses, has announced that it will be acquired by global private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion. The dea was unanimously approved by Squarespace’s board of directors.

Following the completion of the transaction, Squarespace will become a privately held company.

Anthony Casalena, Squarespace’s founder and CEO, will roll over a substantial majority of his existing equity and continue to be one of the largest shareholders after the transaction. He will also continue to serve as the company’s CEO and board chairman, leading the business alongside the current leadership team.

The transaction is subject to regulatory approvals and other customary closing conditions, including the approval of a majority of the voting power of the outstanding capital of the company held by holders who are unaffiliated with Anthony Casalena, General Atlantic, and Accel. The deal is expected to close by the fourth quarter of 2024.

JP Morgan is acting as financial advisor to Squarespace, and Skadden, Arps, Slate, Meagher & Flom is acting as legal counsel to Squarespace.

Centerview Partners is acting as financial advisor, and Richards, Layton & Finger is acting as legal counsel, to the special committee of the Squarespace Board of Directors.

Goldman Sachs is acting as financial advisor to Permira, and Latham & Watkins is acting as legal counsel to Permira Advisers. Blackstone Credit & Insurance, Blue Owl Capital, and Ares Capital are acting as joint lead arrangers on the debt financing.

Wilson Sonsini Goodrich & Rosati is acting as legal counsel to Anthony Casalena.

Paul, Weiss, Rifkind, Wharton & Garrison is acting as legal counsel to General Atlantic.

Cooley is acting as legal counsel to Accel.

[Image courtesy: Squarespace]

Just in

Series A

Tembo raises $14M

Cincinnati, Ohio-based Tembo, a Postgres managed service provider, has raised $14 million in a Series A funding round.
Around the web

Raspberry Pi is now a public company — TC

Raspberry Pi priced its IPO on the London Stock Exchange on Tuesday morning at £2.80 per share, valuing it at £542 million, or $690 million at today’s exchange rate, writes Romain Dillet. 
Fundings

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.
Around the web

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 
IT

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.