Model N To Be Acquired By Vista Equity Partners; Stock Up In Pre-Market

(RTTNews) - Model N, Inc. (MODN), a provider of revenue management solutions for high-tech and life sciences industries, Monday said it has agreed to be acquired by investment firm Vista Equity Partners for about $1.25 billion or $30.00 per share, to be paid in cash. Following the news, the stock was up more than 9 percent in pre-market at $29.76.

The purchase price represents a premium of about 16 percent over Model N's 30-trading-day volume weighted average share price as of the close on April 5, 2024.

Jefferies LLC is serving as exclusive financial advisor for the transaction, which is expected to close in mid-2024.

Model N shares had closed at $27.09, up 1.01 percent on Friday. The stock has been trading in the range of $20.90 - $35.96 in the last 52 weeks.