08:43 AM EDT, 04/08/2024 (MT Newswires) -- (Updates to add details in second and third paragraphs.)

Vista Equity Partners has entered into a definitive agreement to acquire Model N ( MODN ) for $1.25 billion in an all-cash transaction, Model N ( MODN ) said Monday.

The proposed offer of $30 per share represents premia of about 23% and 16% over Model N's ( MODN ) 30-day average share price as of Jan. 10 and April 5, respectively, the company said.

The acquisition, expected to close in mid-2024, will transition Model N ( MODN ) into private ownership under Vista, Model N ( MODN ) added.

Shares of Model N ( MODN ) were up more than 9% in recent Monday premarket activity.

Price: 29.6, Change: +2.51, Percent Change: +9.27