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Shares of Cloudera (NYSE: CLDR) surged 24% on Tuesday after the data analytics provider said it reached a deal to be acquired for $5.3 billion.
Private equity firms KKR (NYSE: KKR) and Clayton, Dubilier & Rice agreed to purchase Cloudera for $16 per share, a 24% premium to the stock's closing price on Friday. The all-cash transaction is expected to be completed in the second half of 2021, though it does include a 30-day "go-shop" period, during which Cloudera can solicit competing bids.