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KKR, CD&R Strike $5.3 Billion Deal to Buy Cloudera -- Update

06/01/2021 | 05:45am EDT

By Miriam Gottfried and Cara Lombardo

Private-equity firms KKR & Co. and Clayton Dubilier & Rice LLC agreed to buy Cloudera Inc. for roughly $5.3 billion in a deal that would take the software company private.

The pair on Tuesday said they would pay $16 a share for the data-cloud company, representing a roughly 24% premium to where the shares closed Friday.

The Wall Street Journal reported Monday that the firms were close to a deal.

Cloudera shareholders will receive $16 a share in cash, a 24% premium to Friday's closing price, the company said Tuesday.

Founded in 2008 by a group of engineers from Alphabet Inc.'s Google, Facebook Inc., Oracle Corp. and Yahoo Inc., Cloudera was an early player in the open-source software framework Hadoop, which enables large amounts of data to be processed quickly. But it struggled to shift to the now-dominant public cloud, where it faces steep competition from much larger firms including Amazon.com Inc.'s Amazon Web Services.

Cloudera's shares have had a rocky run since their public-market debut in 2017. They are trading below their initial public offering price and are down roughly 8% this year.

Still, recent results have shown improvement in the company's business. Cloudera in March reported revenue of $869 million for its fiscal year ended Jan. 31, an increase of 9%, and an operating margin of 17% compared with a negative one a year earlier. On Tuesday, it said its first-quarter revenue rose 7% from a year ago.

Activist investor Carl Icahn owns roughly 18% of the company and in 2019 received two board seats as part of a settlement. The company also tapped Robert Bearden as chief executive to succeed Tom Reilly, who stepped down. Mr. Bearden was already a Cloudera director and is co-founder of Hortonworks Inc., an open-source company Cloudera bought in 2019.

The company said Mr. Icahn agreed to vote his shares in favor of the private-equity deal. The agreement also included a so-called go-shop period, which allows Cloudera to seek higher offers from other buyers for 30 days.

Private-equity firms including KKR and CD&R have been snapping up software companies, attracted by their predictable and growing cash flows. Last summer, KKR sold Epicor Software Corp. to a group led by CD&R for about $4.7 billion including debt.

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com and Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

06-01-21 0745ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.77% 2694.53 Delayed Quote.54.94%
BIKE24 HOLDING AG -4.84% 16.9 Delayed Quote.0.00%
CLOUDERA, INC. 0.19% 15.87 Delayed Quote.14.09%
DJ INDUSTRIAL -0.42% 34935.47 Delayed Quote.14.63%
FACEBOOK INC -0.56% 356.3 Delayed Quote.30.44%
ICAHN ENTERPRISES L.P. -0.55% 58.11 Delayed Quote.14.68%
KKR & CO. INC. -0.08% 63.76 Delayed Quote.57.47%
ORACLE CORPORATION -0.56% 87.14 Delayed Quote.34.70%
S&P 500 -0.54% 4395.26 Delayed Quote.17.65%
ZR (ZR) - CBE (ELECTRONIC)/C1 -0.04% 13.675 End-of-day quote.10.28%
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Financials (USD)
Sales 2021 2 529 M - -
Net income 2021 3 119 M - -
Net cash 2021 4 658 M - -
P/E ratio 2021 11,9x
Yield 2021 0,91%
Capitalization 37 094 M 37 094 M -
EV / Sales 2021 12,8x
EV / Sales 2022 10,4x
Nbr of Employees 1 583
Free-Float 92,0%
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Last Close Price 63,76 $
Average target price 67,50 $
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Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
Joseph Yong Bum Bae Co-President, Co-COO & Director
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Robert H. Lewin Chief Financial Officer
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