U.S. Stock Market: Advent invests $2.5 billion in privatizing Sapiens International (SPNS.US), stock surges over 44%

According to the financial news app, on Wednesday, Sapiens International (SPNS.US) soared over 44% to a historic high of $42.49 per share. On the news front, the company recently announced that it has reached a final acquisition agreement with 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. Under the acquisition agreement, Sapiens shareholders will receive $43.5 in cash per share, a premium of approximately 47.5% over the stock's closing price of $29.5 on Tuesday on the NASDAQ. The transaction has been approved unanimously by the company's board of directors and, upon completion, will privatize the company, which is listed on both the NASDAQ and the Tel Aviv Stock Exchange.