Investor group led by Hellman & Friedman acquires Zendesk

Following prolonged pressure from activist investor Jana Partners after Zendesk failed to acquire SurveyMonkey parent Momentive Global in a $3.9 billion deal, an investor group led by Hellman & Friedman completed the acquisition of Zendesk in an all-cash transaction valued at approximately $10.2 billion.

The acquisition was previously announced on June 24, 2022, and it was approved by the company’s stockholders at the Special Meeting of Stockholders held on September 19, 2022, and it was supported by proxy advisory firm Institutional Shareholder Services (ISS).

Meanwhile, Light Street Capital Management, which manages funds that own more than 2 per cent of Zendesk, previously stated that it would vote against the private equity deal and advocated for Zendesk to remain a standalone public company with a new CEO. Perhaps Light Street Capital Management’s efforts were in vain because the deal was eventually completed.

Zendesk shareholders will receive $77.50 in cash per share under the terms of the merger agreement. The company’s common stock ceased trading and will be delisted from the New York Stock Exchange as a result of the transaction’s completion.

Zendesk will continue to be headquartered in San Francisco as a privately held company.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web