Elliot and Vista Edge Closer to Complete Acquisition of Citrix Systems

Key Takeaways:

  • Citrix Systems is on course to complete a $13 billion deal with Elliot and Vista to go private
  • Initial reports suggest that Elliot Management Corp and Visa Equity Partners have reached an agreement to pay $104 per share for Citrix Systems
  • The deal could be announced as early as Monday provided talks between all the parties do not break down. 

Citrix, a leading cloud-computing software firm is close to a $13 Bn deal to go private. This will be one of the largest leveraged in several months following a notable slump for pubic tech stocks. 

As per the latest updates, Citrix is very close to reaching an agreement with Elliot and Vista Equity for around $104 per share. So far, Elliot and Vista have not issued an official statement or commented on the story. 

If things go according to plan, this deal could be announced on Monday. 

SEE ALSO: Australian Software Company Dovetail Raises $63 Million To Develop Researcher-based Tool

Elliot and Vista deal expected to be one of the biggest tech buyouts on record

If this deal goes through, it is likely to be one of the biggest tech buyouts on record. Besides, it will also become the first buyout of 2022 that is worth more than $10 Bn. 

Elliot’s private equity division, Evergreen Coast Capital has also participated in some of the largest deals in the previous years. For instance, it completed the acquisition of Athenahealth for around $17 billion in sales along with Veritas Capital. 

Over the past few months, Vista, which has $86 Bn in assets has been one of the most active investors, especially in the software space. The company which is led by Robert Smith has already officially announced around nine deals in 2022. 

More about Citrix’s recent business dealings

Citrix is one of the leading developers of software that enables employees to work remotely from their devices. The remote working industry has boomed significantly over the past couple of years due to the advent of the pandemic. 

However, Citrix did not make notable progress in this area. A few years before the pandemic, Citrix sold service business GoTo to LogMeIn. LogMeIn was taken over by buyout firm Franciso Partners and Elliot’s Evergreen Coast arm for around $4.3 Bn in August 2020. 

The recent deal comes during an uncertain period for publicly traded companies in the tech space. 

According to the BVP Nasdaq Emerging Cloud index, share prices of cloud software firms have dropped by one-third over the past three months 

In December, Bloomberg was the first to report that Vista and Elliot are considering a joint bid for Citrix. Since then, company shares have increased by one-quarter and ended trading at around $105.55 on Friday.  

SEE ALSO: Accenture Strikes Golds, Signs $163 Mn Deal to Deliver Single ERP System

Feature Image Source: https://www.flickr.com/photos/citrixsynergy/with/47953426803/ used under the license Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0)

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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