Vista Equity Partners, a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, has agreed a $2.6 billion deal to acquire Duck Creek Technologies, a solutions provider in the property and casualty (P&C) insurance sector.Â
Vista Equity Partners (Vista), a global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, has agreed a $2.6 billion deal to acquire Duck Creek Technologies, a solutions provider in the property and casualty (P&C) insurance sector.
Vista has agreed to pay $19.00 per share, in an all-cash transaction, which represents a 46% premium to Duck Creek’s closing stock price on 6 January, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending 6 January, 2023.
Transaction negotiations were led by a Special Committee of the Duck Creek Board of Directors, composed entirely of independent directors. Following the recommendation of the Special Committee, the Duck Creek Board of Directors approved the merger agreement with Vista Equity Partners.
The transaction is expected to close in the second calendar quarter of 2023, subject to customary closing conditions, including approval by Duck Creek’s stockholders and US antitrust clearance.
The agreement includes a ‘go-shop’ period expiring at 11:59 pm Eastern time on 7 February, 2023, which allows Duck Creek’s board of directors and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties.
