Report: Elliott, Vista Close to Signing $13B Purchase Deal for Citrix

Vista Equity Partners and Elliott Management through its private equity arm Evergreen Coast Capital are close to finalizing a potential $13 billion deal to acquire Citrix Systems (Nasdaq: CTXS) and take the cloud computing company private, The Wall Street Journal reported Sunday.

WSJ cited sources that say an agreement to buy Citrix for $104 per share could be disclosed by Monday.

Vista intends to combine Citrix with software company Tibco, which the investment firm acquired in 2014 through a $4 billion transaction.

Citrix produces software that allows employees to gain virtual access to desktops and other cloud capabilities. Amid the challenges posed by the company’s transition to subscription-based model for virtual desktop services, Citrix has benefited from the increase in demand for cloud services as more employees shift to remote work.

Elliott, an investment management firm, has a stake of more than 10 percent in Citrix and called on the software company to initiate steps to increase its stock price. That stake could be worth more than $1 billion.

Citrix Chairman Bob Calderoni assumed the role of interim CEO after David Henshall stepped down as the company’s president and CEO in October.

Citrix’s stock closed Friday at $105.55.

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