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New Relic

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business2 years ago

New Relic to Go Private in $6.5 Billion Deal with TPG and Francisco

Software firm New Relic has agreed to be taken private by private equity firms TPG and Francisco Partners in a $6.5 billion all-cash deal. The move comes as New Relic faces competition in the application performance monitoring space from companies like Datadog and Dynatrace. The deal offers New Relic shareholders $87 per share, representing a 15% premium to the stock's closing price on May 16. New Relic's cloud-based software helps monitor servers, databases, and user interactions, boosting efficiency for businesses. The company reported first-quarter revenue of $242.6 million, beating analysts' estimates. New Relic has a 45-day window to seek other acquisition proposals.

via Reuters|
#business#francisco-partners#new-relic
business2 years ago

New Relic to be Acquired by Francisco Partners and TPG in $6.5B Deal

Francisco Partners and TPG, in a consortium, will acquire software provider New Relic in an all-cash deal worth nearly $6.5 billion. The offer of $87 per share represents a 26% premium to New Relic's average closing price. The deal is expected to close by early 2024 and will return New Relic to private ownership after nearly nine years on the stock exchange. Major shareholders have approved the deal, and New Relic will have a 45-day "go-shop" period to consider other offers. Francisco Partners and TPG have secured financing to meet New Relic's desired valuation.

via CNBC|
#business#francisco-partners#new-relic
business2 years ago

Francisco Partners and TPG Withdraw Bid for New Relic Acquisition

Private equity firms Francisco Partners and TPG have ended talks to acquire New Relic after they failed to secure enough debt financing and could not meet the business software company's valuation expectations. The demise of the deal negotiations underscores the challenges facing private equity firms seeking to put together leveraged buyouts. New Relic has been negotiating with potential acquirers since last year, and it's possible that deal talks resume some time in the future.

via Reuters|
#business#francisco-partners#leveraged-buyouts