Duck Creek Technologies (NASDAQ: DCT) soared in morning trading on Monday after the insurance technology firm announced its buyout by Vista Equity Partners for $19 per share, with the total transaction valued at around $2.6 billion.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Vista’s price indicates a 64% premium over the volume-weighted average price of Duck Creek’s stock for the 30 days ending January 6. Shares of DCT have plunged more than 30% in the past year.
The transaction is expected to close in the second quarter of this year, and following the closing of this acquisition, DCT will no longer be publicly listed and will become a privately held company.
Vista Equity intends to “finance the transaction with fully committed equity financing that is not subject to any financing condition.”