Investing

Quest Software Goes Private (QSFT)

Enterprise software company Quest Software Inc. (NASDAQ: QSFT) has agreed to be acquired in an all-cash transaction by private equity firm Insight Venture Partners in a deal worth $2 billion, or $23/share. The purchase price reflects a 19% premium to last night’s closing price of $19.40/share.

Quest has a 60-day “go-shop” period during which the company “will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals.” The company has also agreed to a break-up fee of $4.2 million in the event that it accepts another offer during the “go-shop” period and a break-up fee of $6.3 million if Quest should accept a superior offer after the 60 days have passed.

The financing for the deal is spelled out in the press release:

The transaction will be financed through a combination of a $210-million equity commitment from Insight, a rollover of [Quest Chairman and CEO] Vinny Smith’s existing shares and $1.195 billion of debt financing commitments from J.P. Morgan Chase Bank N.A., RBC Capital Markets and Barclays Capital.

RBC Capital Markets and Barclays Capital were financial advisers on the deal.

Credit card companies are handing out rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.