MNTV - SurveyMonkey parent Momentive to be taken private in deal valuing it at ~$1.5B

2023-03-13 18:27:40 ET

• Momentive ( NASDAQ: MNTV ), the parent of SurveyMonkey, on Monday said it had agreed to be taken private in a deal valuing it at about $1.5B.
• MNTV said it would be acquired by a consortium led by private equity firm Symphony Technology Group (STG).
• As per the deal, MNTV shareholders will get $9.46 per share, which represents a 22.5% premium to the stock's last closing price of $7.72.
• Shares of MNTV surged 19.3% to $9.21 after hours.
• The deal comes months after Bloomberg last year reported that MNTV was considering a possible sale after getting takeover interest. Analysts at the time had said that the company was more likely to be a target for a private equity firm.
• The deal is not subject to a financing condition and has been unanimously approved by MNTV's board.
• The acquisition is expected to be completed in Q2 or Q3 this year, following which MNTV's common stock will no longer by listed on any public market.
• Momentive ( MNTV ) said it would continue to operate the Momentive and SurveyMonkey brands.

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