ZG

Zillow Group, Inc.

28.63
USD
-2.15%
28.63
USD
-2.15%
28.46 105.85
52 weeks
52 weeks

Mkt Cap 1.76B

Shares Out 61.35M

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Vista Equity to take business software maker Avalara private in $8.4 bln deal

Aug 8 (Reuters) - Avalara Inc AVLR.N said on Monday it had agreed to be acquired by private equity firm Vista Equity Partners in a deal that values the automation software platform at $8.4 billion including debt. The offer of $93.50 per share is at a 27% premium to stock's close on July 6, before media reports on the deal. However, it is at a 2% discount to stock's Friday closing price. Shares in Avalara, which runs a cloud-based platform that helps companies with tax compliance, were down more than 4% in premarket trading. Founded in 2004, Seattle-based Avalara counts Pinterest PINS.N, Zillow Group ZG.O and Roku Inc ROKU.N among its customers. (Reporting by Niket Nishant and Eva Mathews in Bengaluru; Editing by Shounak Dasgupta) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Aug 2 (Reuters) - Media firm Forbes is exploring a sale of its business at a price of at least $630 million, the New York Times reported on Tuesday, citing four people with knowledge of the process. The publisher of Forbes magazine has tapped investment bank Citigroup to explore the sale of its business after a previous deal to go public fell through, the NYT reported. https://nyti.ms/3BB8xCP Forbes did not immediately respond to a Reuters request for comment. Citigroup declined to comment. In recent weeks, an offering document describing Forbes' financials compiled by Citi has been circulated to companies in the media sector, including Yahoo, according to the NYT report. Forbes generated more than $200 million in revenue and over $40 million in profit in 2021, the report said. In June, Forbes sought to terminate its $630 million deal with former Point72 executive Jonathan Lin-led special purpose acquisition company (SPAC) Magnum Opus to go public. SPAC deals were among the hottest investment trends during the pandemic but the rapid increase in the number of deals has drawn the attention of the Securities and Exchange Commission, which has proposed new rules and additional disclosures from the deal sponsors. (Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Maju Samuel) ((yuvraj.malik@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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