Toronto-based capital markets access platform Q4 Inc (TSX:QFOR) has agreed to be acquired by private investment firm Sumeru Equity Partners in an all-cash transaction valued at $257 million.
Q4 is being acquired for $6.05 per share, presenting an approximate 36% premium to the company’s closing price on the Toronto Stock Exchange on Friday, November 10.
Shares of the company skyrocketed on the news, up 34.5% at C$5.97 on Monday afternoon.
"We are pleased to have reached this agreement with Sumeru Equity Partners, which delivers significant, immediate value to shareholders,” Q4 board director Julie Silcock said in a statement.
“The board is unanimous in its belief that today’s transaction appropriately reflects the company’s innovative and strong business while maximizing shareholder value, and I am immensely proud to have worked alongside Q4’s outstanding management team and my fellow directors to transform Q4 at this time."
Sumeru managing director Mark Haller and principal Jack McCabe added: “Q4 is well-positioned for growth given its single, integrated platform across IR websites, virtual events, investor targeting and real-time analytics. We are excited to partner with [founder and CEO] Darrell Heaps and the Q4 team to accelerate the Company’s growth, expand its product capabilities and broaden customer relationships.”
The deal is expected to close in the first quarter of 2024, subject to shareholder approval. Upon close, Q4 will become a privately held company.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie