LogMeIn finalizes billion-dollar takeover

LogMeIn has announced that it will be acquired by affiliates of Francisco Partners and the private equity affiliate of Elliott Management Corporation, Evergreen Coast Capital Corporation for $4.3bn.

The all-cash deal will see the company purchased for $86.05 per share. LogMeIn had a 52-week high of $98.67 per share and a low of $62.02 though the purchase represents a 25 percent premium on the closing share price on September 18th when it was first reported that the company was up for sale.

In a statement announcing the takeover, president and CEO of LogMeIn, Bill Wagner explained that the deal will be beneficial for both its shareholders and the company's future growth, saying:

“This transaction acknowledges the significant value of LogMeIn and provides our stockholders with a meaningful and certain cash offer at a compelling premium. Together, Francisco Partners and Evergreen are committed to addressing the unique needs of both our core and growth assets. We believe our partnership with Francisco Partners and Evergreen will help put us in a position to deliver the operational benefits needed to achieve sustained growth over the long term.”

LogMeIn acquisition

Francisco Partners and Evergreen are getting a wide portfolio of products including unified communications and collaboration (UCC) software as part of the deal.

Back in 2018, LogMeIn bought Jive Communications for $357m to help it expand into the unified communications market. However, the company's most well known product is GoToMeeting which it acquired from Citrix in 2016 for $1.8bn.

The deal is expected to close in mid 2020 following regulatory approval but LogMeIn also has a 45-day go-shop provision which allows it to find a buyer that will offer a better price than Francisco Partners and Evergreen.

Via TechCrunch

http://www.techradar.com/news/logmein-finalizes-billion-dollar-takeover

Source: TechRadar - All the latest technology news

By: Anthony Spadafora

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