AUS
NZ
UK
CA
USA
IND
Summary
- Clayton, Dubilier & Rice, and KKR agreed to buy Cloudera for US$5.3B.
- ai and Shell agreed to extend their existing partnership for five years.
Cloudera, Inc. (NYSE:CLDR) stock jumped over 23 percent in Tuesday’s trading following a US$5.3 billion takeover deal by investment firms, while C3 ai Inc. (NYSE:AI) rose over 16 percent after the company extended its partnership with Shell for 5 years.
Cloudera To Become Private In US$5.3B Takeover
Cloudera, which provides enterprise data cloud, said on Tuesday that affiliates of Clayton, Dubilier & Rice, and KKR have agreed to buy the company in a deal valued at US$5.3 billion.
Shareholders of Cloudera will receive US$16 per share in cash, which represents a 24 percent premium to its last week’s closing price.
The private equity firms will make Cloudera a private company after the transaction, which is expected to be completed in the second half of this year.
Cloudera’s board has approved the acquisition. Companies related to Icahn Group jointly hold around 18 percent stake in Cloudera. Those entities have also agreed to approve the transaction.
Cloudera noted that the agreement includes a “go-shop” period during which the company can explore alternative takeover proposals from third parties. The go-shop period expires on July 1.
Meanwhile, the California-based company reported a 7 percent year-over-year growth in its total revenue to US$224.3 million during the first quarter ended April 30. Non-GAAP net income increased to 12 cents per share from 5 cents in the year-ago period.
Cloudera stock closed at US$15.93, up 23.87 percent.
READ MORE: Al Gore’s Firm Doubles Investment In Alibaba
Source: Pixabay
C3 ai Renews Partnership With Shell
Artificial intelligence-based software provider C3 ai and Shell (NYSE:RDS) agreed to renew their collaboration for five years.
With the extension of the existing partnership, C3 ai plans to rapidly deploy its AI and ML applications across Shell platforms.
In February, C3 ai, along with Shell, Baker Hughes and Microsoft, launched an open ecosystem of AI solutions, named Open AI Energy Initiative, for the energy industry.
The initiative provides various AI based solutions, powered by the BHC3 AI Suite and Microsoft Azure, to its clients, including energy companies and software merchants.
C3 ai plans to declare its earnings report for Q4 ended April 30 on Wednesday.
C3 ai stock ended Tuesday’s trading at US$71.76, up 16.29 percent.
READ MORE: Doughnut Chain Krispy Kreme Files Confidential IPO With SEC
