Squarespace is set to go private, as part of the company’s merger with Permira, in an effort to better compete with larger rivals.

Squarespace announced in May that it planned to go private as part of a deal with private equity firm Permira. The deal was originally valued at $6.9 billion. The two companies have since amended their agreement, bringing the value up to $7.2 billion, or $46.50 per share, an increase of $2.50 per share.

“The Special Committee is pleased to announce the revised terms of our agreement with Permira,” said Michael Fleisher, Chairman of the Special Committee of the Squarespace Board of Directors. “Our core focus has been maximizing value and certainty for the unaffiliated stockholders. This transaction is the result of a deliberate and thoughtful process and ultimately represents a great outcome that is in the best interest of Squarespace and all of its stockholders.”

David Erlong, Partner at Permira, said, “We are pleased that the revised offer and merger agreement have been unanimously approved by Squarespace’s Special Committee and Board of Directors and appreciate their focus throughout this process. This best and final offer allows Squarespace stockholders to capture immediate and certain value for their investment. By tendering their shares, Squarespace stockholders can act directly to accept the compelling value of this offer.”

The companies confirmed that Squarespace will be a privately-held company once the deal is complete.

Upon completion of the merger, Squarespace’s common stock will no longer be publicly listed, and Squarespace will become a privately-held company.

Squarespace has been working to compete with rivals, such as GoDaddy, snapping up Google Domains in mid-2023 as part of its strategy. It’s hoped that taking the company private will further strengthen its position and give it a competitive advantage.