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IT management software company SolarWinds announced on Wednesday that it will be acquired by private equity firms Silver Lake Partners and Thoma Bravo.
Under the agreement, SolarWinds stockholders will receive $60.10 per share, or approximately $4.5 billion in cash. The agreement was approved by SolarWinds' board following a comprehensive review of strategic alternatives.
Trading in SolarWinds was briefly halted after the news, but the stock later popped more than 16 percent after resuming trade.
"This transaction recognizes the strength of our unique business model and provides our shareholders with immediate and substantial cash value at a compelling premium," SolarWinds CEO Kevin B. Thompson said in a statement.
"We remain committed to our customers and to delivering world class products to help IT professionals manage all things IT in today's increasingly performance-driven IT infrastructures," he said. "Becoming a private company will provide SolarWinds with optimal operating flexibility to execute on its long-term strategy of providing superior products for IT and Dev Ops Pros all over the world. We are extremely excited about partnering with Silver Lake and Thoma Bravo in the next chapter of the SolarWinds story."
The offer of $60.10 per share in cash represents a premium of 19.7 percent to SolarWinds' Tuesday closing price.
SolarWinds acknowledged Friday it was exploring strategic alternatives after Reuters reported that the company was in talks to sell itself.
— Reuters contributed to this report.