Permira Successfully Completes Tender Offer for Squarespace

Permira's Cash Tender Offer Achievements

Permira, a global investment firm renowned for its strategic investments, has recently achieved a remarkable milestone by successfully completing its cash tender offer for all outstanding shares of Squarespace, Inc. (NYSE: SQSP). This significant move is not just a routine transaction; it emphasizes the firm's commitment to supporting innovative companies with promising growth trajectories.

Results of the Tender Offer

Upon the expiration of the tender offer, a whopping 46,971,451 shares had been validly tendered and were not withdrawn. The supportive response signifies robust investor confidence, as these tendered shares, combined with those that were sold directly by affiliates of the Squarespace leadership, hold substantial voting power. This represents approximately 97.5 percent of Squarespace's total outstanding shares, illustrating a strong command over the company's future direction.

The tendered shares included a remarkable 77.7 percent of voting power held by unaffiliated shareholders, showcasing community support for this transition. All validly tendered shares are set for purchase, confirming Permira's intent to integrate Squarespace fully into its portfolio.

Next Steps: Moving Towards a Private Future

Following the successful tender offer, the Permira funds are planning a second-step merger. This merger is designed to convert any remaining shares of Squarespace common stock into cash equating to the price offered in the tender. This strategic move will ultimately transition Squarespace into a privately held entity, expected to finalize shortly. This step is representative of Permira's strategy to harness the full potential of successful businesses and support their continued growth.

Advisors Involved in the Transaction

The transaction involved numerous seasoned advisors, including J.P. Morgan as financial advisor to Squarespace. They have played a pivotal role in navigating the complexities of this transaction, ensuring a smooth process. Legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP has strengthened Squarespace's legal framework throughout this significant period.

On the other side, Goldman Sachs & Co LLC acted as financial advisor to Permira, ensuring that the investment firm receives the best strategic advice throughout this journey. Latham & Watkins LLP provided legal support, while Fried, Frank, Harris, Shriver & Jacobson LLP acted as tax counsel, ensuring compliance with regulations.

About Permira: A Partner in Growth

Pioneering since its establishment in 1985, Permira has evolved into a global investment firm that is deeply committed to backing successful businesses. With a staggering €80 billion in total committed capital, the firm emphasizes private equity and credit investments. Permira has built a remarkable history of investing in key sectors, including technology, consumer goods, healthcare, and essential services.

Moreover, Permira's impressive portfolio includes partnerships with over 50 companies across various sectors such as SaaS, fintech, and digital commerce. By empowering these firms, Permira has accelerated growth trajectories for several leading brands.

About Squarespace: Redefining Online Presence

Squarespace (NYSE: SQSP) stands as a design-driven leader in helping entrepreneurs establish a robust online presence. By providing an array of tools and solutions, Squarespace empowers millions globally to create, manage, and optimize their brands. From domains and ecommerce platforms to marketing and social media management tools, Squarespace is pivotal for many businesses looking to innovate and scale.

With operations in over 200 countries, Squarespace is pivotal in transforming how individuals and enterprises establish their digital footprint. The variety of solutions available illustrates the platform's versatility and commitment to client success, making it a beloved choice among entrepreneurs.

Frequently Asked Questions

What was the main outcome of Permira's tender offer?

Permira successfully completed a cash tender offer for Squarespace, acquiring a significant majority of its shares.

How many shares were tendered in the offer?

Approximately 46,971,451 shares of Squarespace stock were validly tendered in the offer.

What is the next step after the tender offer?

The next step involves a merger where any remaining shares will be converted to cash equal to the tender offer price.

What role did J.P. Morgan play in this transaction?

J.P. Morgan acted as the financial advisor for Squarespace throughout the tender offer process.

What does this transaction mean for Squarespace's future?

After the merger, Squarespace will become a privately held company, allowing it to focus on long-term growth initiatives.

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