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Cloudera Inc (NYSE:CLDR) stock is trading higher Monday morning after the company reported better-than-expected earnings and announced it will be acquired for $5.3 billion.
What Happened: Cloudera reported first-quarter earnings of 12 cents per share, which beat the estimate of 8 cents per share. The company reported quarterly revenue of $224.28 million, which beat the estimate of $218.83 million.
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"Our strong fiscal first quarter results reflect continued CDP momentum and customer enthusiasm for our market leading hybrid multi-cloud solution-set. We are also pleased to announce our transaction with CD&R and KKR," CEO Rob Bearden said in a statement.
Cloudera announced that it entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice and KKR in an all-cash transaction of $5.3 billion.
The transaction is expected to close in the second half of 2021 and will result in Cloudera becoming a private company.
Related Link: Cloudera Enters into Definitive Agreement to be Acquired by Clayton, Dubilier & Rice and KKR for $5.3 Billion
Cloudera also announced that it agreed to acquire Datacoral and Cazena in two separate transactions.
CLDR Price Action: Cloudera traded as high as $19.35 and as low as $9.34 over a 52-week period.
At last check Tuesday, the stock was up 24.11% in premarket trading at $15.96.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.