SUMO - Sumo Logic confirms deal to be sold to Francisco Partners for $1.7B

• Sumo Logic ( NASDAQ: SUMO ) agreed to be sold to private equity firm Francisco Partners for about $1.7 billion. Sumo Logic f ell 2.6%.
• Under terms of the deal, Sumo Logic holders will received $12.05 a share in cash, representing a 57% premium to where the shares traded on Jan. 20, before media reports about a possible takeover, according to a statement. The deal is expected to close in Q2.
• Sumo Logic ( SUMO ) has a market cap of $1.5 billion and it's shares dropped 40% last year. Sumo Logic agreed to appoint John Harkey to its board last year in a mutual cooperation agreement with Scalar Gauge Fund .

• Morgan Stanley is serving as sole financial advisor to Sumo Logic ( SUMO ) and Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as legal counsel. Kirkland & Ellis LLP is serving as legal counsel to Francisco Partners.

• News of the Sumo Logic deal was first reported by the WSJ on Wednesday.

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