As announced, the Board of Directors of Cloudera has unanimously approved the transaction with the recommendation that Cloudera shareholders approve the transaction and adopt the merger agreement. In addition, the shareholders are to receive $16.00 in cash per share, representing a 24% premium to the closing price as of May 28, 2021 and a 30% premium to the 30-day volume weighted average share price.
“This transaction provides substantial and certain value to our shareholders while also accelerating Cloudera’s long-term path to hybrid cloud leadership for analytics that span the complete data lifecycle – from the Edge to AI. We believe that as a private company with the expertise and support of experienced investors such as CD&R and KKR, Cloudera will have the resources and flexibility to drive product-led growth and expand our addressable market opportunity,” said Rob Bearden, CEO of Cloudera.
According to Cloudera, the closing of the deal is subject to customary closing conditions including the approval of both Cloudera shareholders and antitrust regulators. However, Jeff Hawn, CD&R Operating Partner, who has served as the Chairman and Chief Executive Officer of Quest Software, Vertafore, and Attachmate in the past will be serving as Chairman of the company upon the close of the transaction.
“We very much look forward to working with Cloudera as it continues to execute its long-term transformation strategy. The company has made significant progress establishing the Cloudera Data Platform (CDP) as a leader in hybrid and multi-cloud analytics, and we believe that our experience and capabilities can offer valuable support to accelerate expansion into new products and markets,” said Jeff Hawn, Operating Partner of CD&R.
Furthermore, Cloudera will become a private company as a result of this transaction that is expected to close in the second half of 2021. However, this announcement was made following the company’s plans to acquire two SaaS companies Datacoral and Cazena – done with the intention of moving beyond big data to self-service.