First published: 4:11 AM EST
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Shares of Sumo Logic (NASDAQ: SUMO) were down in morning trading on Thursday after the cloud-based software provider confirmed that it would be acquired by private equity firm Francisco Partners for around $1.7 billion. This deal would value SUMO at $12.05 per share. The deal is expected to close in the second quarter of this year.
Currently, SUMO has a market cap of around $1.5 billion while shares closed at a price of $12.18 on Wednesday, closer to its 52-week high. In the past month alone, the stock has soared by more than 61% after reports that multiple private equity firms are interested in a takeover of SUMO.
Over the past three months, SUMO stock has gained more than 80%.
