US Stock Market Move | Advent invests $2.5 billion to privatize Sapiens International (SPNS.US), which soars over 44%

On Wednesday, Sapiens International (SPNS.US) surged over 44%, hitting a record high of $42.49. On the news front, the company recently announced that it has reached a final acquisition agreement with the private equity firm Advent. This all-cash deal, valued at $2.5 billion, will be one of the largest private equity acquisitions in the insurance technology sector in recent years. According to the acquisition agreement, Sapiens shareholders will receive $43.5 in cash per share, representing a premium of about 47.5% over the stock's closing price of $29.5 on Tuesday on the Nasdaq. The transaction has been unanimously approved by the company's board of directors and will result in the privatization of the company, which is listed on both the Nasdaq and the Tel Aviv Stock Exchange.