24/7 Market News Snapshot 05 Aug 2024 – Thoughtworks Holding, Inc. Common Stock (NASDAQ: TWKS)
DENVER, Colo., 05 August, 2024 (247marketnews.com) – (NASDAQ:TWKS) are discussed in this article.
Thoughtworks Holding, Inc. Common Stock (TWKS) has surged in the pre-market session, reflecting a 25.81% increase from its previous close at $3.39, now trading at $4.267. This robust performance, highlighted by a trading volume of 1.2 million, signals strong investor confidence and bullish market behavior. The share price momentum underscores promising opportunities for investors who are keen on capitalizing on this upward trajectory.
In a significant industry development, Thoughtworks (NASDAQ:TWKS), a global leader in technology consulting and digital transformation, has entered into a definitive merger agreement with Apax Partners LLP, a renowned private equity firm. As part of this agreement, Apax will acquire all outstanding shares of Thoughtworks common stock at $4.40 per share in cash. This acquisition price represents a considerable 48% premium over the company’s 30-day volume-weighted average price, valuing Thoughtworks at approximately $1.75 billion.
The merger decision received unanimous endorsement from a Special Committee of Thoughtworks’ Board of Directors, which is comprised of independent and disinterested members. This committee, with advice from independent legal and financial experts, determined that the merger was in the best interests of the company’s minority shareholders. Consequently, the Board of Directors followed suit with a unanimous vote to approve the transaction.
Mike Sutcliff, CEO of Thoughtworks, stated, “This agreement provides immediate and fair value to our minority shareholders and marks a significant milestone in our journey. Apax has been a trusted strategic partner, and with their support, we look forward to advancing our vision and making crucial long-term investments to better serve our clients.”
Salim Nathoo, Partner at Apax and Non-Executive Director of Thoughtworks, commented, “Thoughtworks has been a technology pioneer for 30 years. We are excited to deepen our partnership and support the company in its next growth phase.”
The merger, expected to close in the fourth quarter of 2024, is subject to customary conditions. Upon completion, Thoughtworks will become a privately held company and will be delisted from NASDAQ. The Apax Funds will finance the transaction through fully committed equity, ensuring no reliance on outside financial conditions.
This strategic acquisition underscores Apax’s dedication to bolstering innovative companies in achieving their long-term goals while enhancing Thoughtworks’ ability to navigate and capitalize on emerging technological trends. For further updates, follow Thoughtworks on their official channels.
About 24/7 Market News
As a pioneer in digital financial market media, 24/7 Market News (24/7MN) is dedicated to the swift distribution of financial market news and information. 24/7 MN incorporates comprehensive corporate communications resources and tools to engage the investment community. Visit 24/7 Market News website here.
24/7 Market News, Inc Disclaimer
Please go to https://247marketnews.com/disclaimer/ for disclaimer information.
CONTACT:
24/7 Market News
Editor@247marketnews.com