New Relic (NYSE: NEW) said that both the “go-shop” and HSR waiting period for the planned $6.5 billion sale to Francisco Partners and TPG Inc. (TPG) both have expired.
The 45-day go-shop expired Wednesday due to the sale of $87 per share New Relic said in one rack on Thursday. None of the 53 parties contacted by New Relic (Newer) submitted a competing takeover proposal during the go-shop period.
The HSR waiting period expired on Monday. The HSR expiration date is important to M&A investors because there is some concern about the potential antitrust risk for the New Relic/Francisco Partners combination. Private equity firm Francisco Partners bought Sumo Logic for $1.7 billion earlier this year, and Sumo Logic competes with New Relic (NEWR).
The deal with New Relic is expected to close in late 2023 or early 2024.
New Relic (NEWR) agreed to a sale to private equity firms Francisco Partners and TPG Inc. in late July. (TPG) for $6.5 billion in cash.