Squarespace: Private Equity Firm Permira Sweetens Go-Private Deal

We raise our fair value estimate for no-moat Squarespace to $46.50 per share from $44.00 following an increased offer from Permira. The revised agreement represents Permira’s best and final offer for Squarespace shareholders and will be structured as a tender offer, valuing the firm at about $7.2 billion including outstanding debt. The amended agreement has been unanimously approved by Squarespace’s board of directors and a special committee of independent directors. The revised offer represents a modest premium to our standalone fair value estimate of $44.00 per share but an attractive 36% premium to Squarespace’s 90-day volume weighted average trading price as of May 2024 when the deal was initially announced.