EIGI - Endurance rallies 61%; to be acquired by Clearlake Capital for $3B

Endurance International Group Holdings (EIGI) +61.6% PM, entered into a definitive merger agreement to be acquired by affiliates of Clearlake Capital Group in an all cash transaction valued at ~$3B including outstanding indebtedness.Under the agreement terms, Endurance common shares will be acquired for $9.50/share in cash representing a 64% premium to its last closing share price (Oct.30).Transaction to be funded utilizing a combination of committed equity financing from the Clearlake funds and a committed debt financing.Transaction expected to close in 1Q21 post which Endurance will become a wholly owned affiliate of Clearlake."We are pleased with this agreement which recognizes the value of our multi-brand scale platform. We are proud to serve ~5M customers worldwide as a provider of solutions that help small and medium businesses succeed online and enhance the value of their customer relationships," president & CEO Jeff Fox commented.

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Endurance rallies 61%; to be acquired by Clearlake Capital for $3B