Benzinga | Jun 1, 2021 07:58AM EDT

KKR, CD&R To Acquire Cloudera At $5.3B Valuation

* KKR & Co Inc (NYSE:KKR) and Clayton Dubilier & Rice LLC (CD&R) confirmed an agreement to acquire Cloudera Inc (NYSE:CLDR) in an all-cash transaction valued at $5.3 billion.

* Cloudera will become a private company under the arrangement.

* KKR and CD&R will acquire Cloudera at $16 a share, signifying a 24% premium to its May 28 closing price of $12.86.

* Cloudera's largest shareholder, Carl Icahn, had explored a potential sale since mid-2020 after receiving takeover interest based on Bloomberg reports.

* Cloudera was an early player in the open-source software framework Hadoop, the Wall Street Journal reports. However, it struggled to shift to the now-dominant public cloud, where it faces competition from the likes of Amazon.com Inc's (NASDAQ:AMZN) Amazon Web Services.

* Price action: CLDR shares traded higher by 23.7% at $15.91 in the premarket session on the last check Tuesday.