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10-02-2013, 04:53 PM #1
Vista Equity Strikes Another $1 Billion Take-Private Deal
September 30, 2013, 12:20 PM
Vista Equity Strikes Another $1 Billion Take-Private Deal
Vista Equity Partners continues to bag some big game, even as the firm chips away at marketing a new fund focused on smaller deals.
The firm has offered $1.05 billion to take private Active Network IncACTV +0.21%., a company which helps Web users find and register for events online, The Wall Street Journal’s Nathalie Tadena reports.
Active Network is the firm’s second billion-dollar take private within the past few months. In May it agreed to acquire cyber security software maker Websense Inc.
In both deals, Vista has offered shareholders a premium of greater than 25% to the companies’ closing stock price on the previous trading day. In mid-day trading on the New York Stock Exchange, Active Network shares were up 25.83% to $14.35, bumping up against the $14.50 per share offer from Vista.
Vista, which raised $3.5 billion in 2011 for its flagship fund, is one of a number of firms, including Catterton Partners and Gores Group, that have marketed growth equity and small-cap funds in recent years to tap into the smaller end of the market.
LBO Wire reported last week that the firm was nearing a final close on just under $1 billion for Vista Foundation Fund II LP. That fund will focus on investments of between $20 million to $100 million, right under the threshold of the $100 million to $1 billion targeted investments of its main fund.
http://blogs.wsj.com/privateequity/2013/09/30/vista-equity-strikes-another-1-billion-take-private/NO AMNESTY
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