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Software company Squarespace being taken private by Permira in $6.9 billion deal

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Software company Squarespace is being taken private in an approximately $6.9 billion all-cash deal with private equity firm Permira.

Squarespace Inc. shareholders will receive $44 per share for each share they own. The company, which helps entrepreneus build brands and businesses online, went public in a direct listing two years ago at $50 per share.

A special committee of the Squarespace board of directors unanimously approved and recommended the deal, which was then unanimously approved by the board.

Anthony Casalena will remain as Squarespace CEO and chairman.

Casalena and long-term investors General Atlantic and Accel, which make up about 90% of the Squarespace’s voting shares, have agreed to vote in favor of the transaction.

The deal is expected to close by the fourth quarter.

Shares of the New York-based company rose 13% before the market open on Monday.