Accel-KKR to buy SciQuest in $509 million deal
Staff writer ▼ | May 31, 2016
SciQuest has entered into a definitive agreement to be acquired by affiliates of Accel-KKR for $17.75 per share in cash, representing a total equity value of approximately $509 million.Article continues below
The offer represents a 34% premium over the company’s closing pricing on May 27, 2016. Upon closing, AKKR will own 100% of the outstanding shares of SciQuest common stock. AKKR, which has been a stockholder since 2014, currently owns 4.9% of SciQuest’s outstanding shares.
“This transaction provides SciQuest’s stockholders with a significant premium over the pre-announcement market price and we believe it will allow us to increase our focus on long-term success that will benefit customers, employees, partners and suppliers.
“As a private company, we expect to continue to accelerate innovation, increase efficiency and expand our solution suite,†said Stephen Wiehe, Chief Executive Officer of SciQuest.
“As long-standing and significant investors in SciQuest, we have been impressed by the breadth, depth and cohesiveness of the Company’s leading technology,†said Tom Barnds, Managing Director of Accel-KKR.
“We look forward to partnering with the SciQuest team to continue to accelerate innovation and bring value to customers in this large and growing market.â€
SciQuest board unanimously approved the proposed transaction and resolved to recommend that stockholders vote their shares in favor of this transaction at a stockholders meeting to be held at a later date.
The transaction, which is expected to close in the third quarter of 2016, is subject to customary closing conditions, including approval of SciQuest’s stockholders and required regulatory approvals. ■ What to read next
Upper-level ridging weakens from the Ohio Valley to the Southeast on Friday, resulting in a reduced area of Heat Advisories over the east.
Latest Baker Hughes: U.S. oil rig count down by 6 to 432
Malaysia introduces new rules prohibiting all plastic waste imports from U.S.
Kazakh-German JV Skyhansa to build $500 mln airport near Chinese border
Ukrainian poultry products gained access to Oman market
U.S.: Severe thunderstorms in the Northern Plains and Upper Midwest
Former U.S. senator Bob Menendez begins serving 11-year bribery sentence
Russian-linked tanker crew accused in Finland-Estonia undersea cable sabotage probe
Croatia: Former minister sentenced to two years of imprisonment for abuse of office and authority
U.S.: Widespread showers across the eastern half, severe thunderstorms in Montana into the Plains
Vietnam encourages private businesses to invest in railway sector
Baker Hughes: U.S. oil rig count down by 1 to 438
AfDB to provide $184.1 million for Africa’s largest solar energy and battery storage project
EIB supports Bay of Biscay electricity interconnection between Spain and France
U.S., UK, and Congolese officials inaugurate Kiswishi City Special Economic Zone
Trending Now
Cuban President begins official visit to Belarus
EU adopts new tariffs on Russian and Belarusian agricultural goods and fertilisers
EU proposes banning LNG gas imports from Russia by end of 2027
New York Governor announces Sullivan County broadband project
Zimbabwe to ban lithium concentrate exports
Today We Recommend Highlights
750 new jobs coming to Michigan
LS Cable and unit join Korea-Japan submarine cable project
WFS to open new multi-purpose terminal at Lyon Airport
CEVA Logistics renews contract to transport aeronautics parts between France, Morocco, Tunisia
Malian government takes over Canadian-owned Barrick Gold mine
Isomorphic Labs appoints Ben Wolf as chief medical officer
Vodacom names new international markets CEO
David Andreadakis joins Loyalty Juggernaut as chief commercial officer
Tom Montali joins CSL as business development director
Concirrus appoints Steve O'Reilly as product manager
Russia's trade surplus falls 18.3% to $42.4 bln in January-April
U.S. economy in Q1 revised up to 0.2-pct contraction
Japan loses top creditor position for first time in 34 years
NZ exports to EU jump 28% in first year of trade deal
EU generated €39.2 billion surplus in trade in agricultural products
Lockton revenue $3.55 billion
Motorcar Parts of America Q4 sales $189.5 million
Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
FLI tests mobile One Health laboratory for diagnosing highly pathogenic pathogens
First vaccine against swine dysentery disease recommended for approval
USDA expands fruit pest quarantines in New York and California
Peru records 23.6% growth in agricultural export sales compared to 2024
China allows imports of rapeseed meal, soybean meal from Uruguay
Employers prefer younger job candidates for AI roles although experienced workers perform same or better
Study finds workers misjudge wage markets
Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
EU fines carmakers €458 million for anti-recycling cartel
Commission fines Pierre Cardin and its licensee Ahlers €5.7 million for restricting cross-border sales of clothing
BHP, Vale agree to pay $30B damages for Brazil dam disaster
Commission fines České dráhy and Österreichische Bundesbahnen €48.7 million over collusion to exclude common compe
SEC charges Keurig with making inaccurate statements regarding recyclability of K-Cup beverage pod
Magazine
Morocco’s first Radisson branded hotel opens in Casablanca
Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
2025 Chevrolet Equinox stands apart with fresh looks and capability
Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
reMarkable 2, monochrome tablet for your thoughts and your eyes
OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Hong Kong researchers develop needle-free flu vaccine with broad protection
World's first vaccines that don't need refrigeration entered trials
First patient enrolled in Phase 1 clinical trial of Akiram’s cancer drug candidate
FDA grants marketing authorization of first home test for chlamydia, gonorrhea and trichomoniasis
Human cases of anthrax reported in western Mongolia
Mission to "weigh" all of Earth's forests from space launched
NASA's SPHEREx space telescope begins mapping entire sky
Russian academics, gas industry experts see undersea LNG transportation as feasible
India launches space docking experiment mission
World-first carbon-14 diamond battery made