08:57 AM EDT, 10/17/2024 (MT Newswires) -- Zuora ( ZUO ) said Thursday it would be acquired by Silver Lake in partnership with an affiliate of GIC Pte. in a deal valued at $1.7 billion.

Under the agreement, Silver Lake and GIC will acquire all shares of Zuora ( ZUO ) for $10 per share in cash, which is a 6.2% premium to the company's last close.

Zuora ( ZUO ) will become a privately held company once the transaction is completed, which is slated for Q1 2025.

The enterprise software company said its founder, Tien Tzuo, will continue to lead with headquarters to remain in Redwood City, California.

Shares of the company were up more than 5% in recent premarket activity.

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