Group to go private in $3 billion deal — Endurance International
Clearlake Capital to acquire EIGI.
Clearlake Capital Group is acquiring Endurance International Group (NASDAQ: EIGI) in a $3 billion deal (counting debt).
The private equity firm will pay $9.50 per share, a 64% premium over Friday’s closing price of $5.81.
Endurance International Group is a rollup of web hosting and domain name firms. Its brands include BuyDomains, BlueHost, Hostgator, Domain.com, and Constant Contact, among others.
The firm has struggled to integrate its systems and brands over the years and has also suffered under a huge debt load. Its revenue has also struggled to tread water; but in Q3 revenue was up 3% year-over-year.
Share peaked above $20 in 2015. But anyone who bought shares this year will be happy with the result. Shares dipped below $2.00 during the Pandemic panic, and the $9.50 buyout price represents the highest price the stock has hit since October 2018.
