Elliott Management Corp and Vista Equity Partners close in on a nearly $13B acquisition of Citrix Systems Inc, according to a report by Reuters on Sunday.

  • The deal comes after Elliott and Vista jointly got the loan market to finance their cash bid for Citrix at $104 per share. After taking Citrix private, Vista seeks to merge with Tibco, another data analytics software firm it owns.
  • The cash bid has less value than where Citrix stock closed at $105.55. The price still represents a premium to its lows in December.
  • Citrix’s products allow employees of firms to gain access to their network remotely. But it failed to capitalize on the emergence of remote working over the COVID-19 pandemic.

Even though Citrix has struggled to shift to a subscription-based business, demand for its cloud services expanded during the pandemic as firms shifted to remote working models. CTXS down -3.84%, Pre-market trading