08:11 AM EDT, 10/14/2024 (MT Newswires) -- A cash tender offer for all outstanding Squarespace ( SQSP ) shares was completed by investment firm Permira, the latter said Monday.

Permira said about 47 million shares had been validly tendered and not withdrawn from the tender offer, which will be accepted for purchase on Tuesday.

The tendered shares, together with the shares rolled over or sold directly by affiliates of Anthony Casalena, General Atlantic and Accel, represent about 97.5% of the total voting power of Squarespace's ( SQSP ) total outstanding shares, the company said.

The Permira funds plan to complete a second-step merger in which any remaining shares of Squarespace ( SQSP ) common stock will be converted into the right to receive cash equal to the per share price paid in the tender offer.

Once the transaction is complete, which is expected on Thursday, Squarespace ( SQSP ) will become a privately held company, the investment firm said.

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