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Citrix to be acquired by Vista and Evergreen in $16.5 billion deal

Citrix will become private and merge with Vista portfolio company Tibco Software following the transaction

Citrix is set to be acquired by affiliates of Vista Equity Partners and Evergreen Coast Capital in an all-cash deal valued at $16.5 billion.The transaction is inclusive of Citrix’s debt.

The deal also calls for the merger of Citrix with Tibco, a portfolio company of Vista. Tibco offers enterprise data management solutions that help businesses connect, integrate, and accurately predict business outcomes. 

Citrix's digital workspace and application delivery suite, combined with Tibco's data and analytics capabilities, will enable customers to access secure applications and insights to accelerate digital transformation and navigate hybrid workplaces.

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The Citrix-Tibco merger will also accelerate Citrix’s defined growth strategy and shift to software as a service (SaaS)

In addition, the firm stated that the combined entity will be positioned to provide secure, optimized, and comprehensive infrastructure for enterprise application, desktop delivery, and data management to advance hybrid cloud computing solutions.

“Citrix and Tibco provide mission-critical software and services to many the world’s most successful businesses, and we see tremendous value in combining their respective world-class offerings to help companies gather insight from the growing volumes of data generated by the hybrid work economy,” said John Stalder, managing director at Vista.

“Both businesses have now completed transitions to approximately 90% recurring revenue, poising the go-forward combined business to drive future growth. We look forward to partnering with Evergreen and the Citrix and Tibco teams to ensure this is a seamless transition for all stakeholders,” added Stalder.

As per the terms of the acquisition, Citrix shareholders will receive $104 in cash per share. The firm’s board of directors approved the transaction unanimously, and the deal is expected to close mid-year, pending shareholder and regulatory approvals. Citrix shares will cease to trade on the Nasdaq following the transaction, and the company will go private.

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