Squarespace, a platform that helps entrepreneurs build online brands and businesses, has announced that it will be acquired by global private equity firm Permira in an all-cash transaction valued at approximately $6.9 billion. The dea was unanimously approved by Squarespace’s board of directors.

Following the completion of the transaction, Squarespace will become a privately held company.

Anthony Casalena, Squarespace’s founder and CEO, will roll over a substantial majority of his existing equity and continue to be one of the largest shareholders after the transaction. He will also continue to serve as the company’s CEO and board chairman, leading the business alongside the current leadership team.

The transaction is subject to regulatory approvals and other customary closing conditions, including the approval of a majority of the voting power of the outstanding capital of the company held by holders who are unaffiliated with Anthony Casalena, General Atlantic, and Accel. The deal is expected to close by the fourth quarter of 2024.

JP Morgan is acting as financial advisor to Squarespace, and Skadden, Arps, Slate, Meagher & Flom is acting as legal counsel to Squarespace.

Centerview Partners is acting as financial advisor, and Richards, Layton & Finger is acting as legal counsel, to the special committee of the Squarespace Board of Directors.

Goldman Sachs is acting as financial advisor to Permira, and Latham & Watkins is acting as legal counsel to Permira Advisers. Blackstone Credit & Insurance, Blue Owl Capital, and Ares Capital are acting as joint lead arrangers on the debt financing.

Wilson Sonsini Goodrich & Rosati is acting as legal counsel to Anthony Casalena.

Paul, Weiss, Rifkind, Wharton & Garrison is acting as legal counsel to General Atlantic.

Cooley is acting as legal counsel to Accel.

[Image courtesy: Squarespace]