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Tech consultant Perficient Inc. (NASDAQ:PRFT) agreed to be sold to private equity firm EQT AB for about $3 billion.
An affiliate of BPEA Private Equity Fund VIII (EQT Asia), which is part of EQT AB, agreed to acquire Perficient (PRFT) for $76 a share in cash, according to a statement on Sunday. The price represents a 58% premium to Friday’s close price and a 76% premium to April 29, before a Bloomberg report that Perficient was evaluating a potential sale.
St. Louis-based Perficient (PRFT), which had been scheduled to report Q1 results on Monday, also released its earnings on Sunday.
“Today’s announcement is the result of a comprehensive review by the board to maximize value for the company and its shareholders,” Jeffrey Davis, Chairman of the Board of Perficient said in the statement.
The deal is expected to close by the end of the year. The transaction is not subject to a financing condition.
BofA Securities is serving as lead financial advisor and Wells Fargo as financial advisor to Perficient in connection with the transaction. Kirkland & Ellis LLP is serving as Perficient’s legal advisor. J.P. Morgan and TD Securities are serving as financial advisors to EQT, and Simpson Thacher & Bartlett LLP is acting as legal advisor.
