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Francisco Partners & TPG to take New Relic private in $6 billion deal

Lew Cirne, CEO, New Relic

Scott Mlyn | CNBC

A consortium led by Francisco Partners and private equity group TPG will take software provider New Relic private in an all-cash, $87-a-share offer that values the company at nearly $6.5 billion, the company announced Monday.

New Relic shares rose 14% in pre-market trading, to over $84. The offer represents a 26% premium to New Relic’s 30-day volume-weighted average closing price, the company said.

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“We are pleased to partner with Francisco Partners and TPG, who are committed to continuing to build upon New Relic’s strong foundation and achieve its full potential,” New Relic founder and executive chairman Lew Cirne said in a release.

Reuters reported in May that Francisco Partners and TPG had ended deal talks after failing to secure enough debt financing to meet New Relic’s desired valuation. The resurrected deal was announced concurrently with New Relic’s earnings report.

New Relic went public in December 2014.

This is breaking news. Please check back for updates.

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