STG Buying Momentive (SurveyMonkey) For $1.5 Billion: Details (MNTV)

By Amit Chowdhry ● Mar 15, 2023
  • Momentive Global Inc (NASDAQ: MNTV) announced it is being acquired for $1.5 billion. These are the details.

Momentive (Nasdaq: MNTV), the maker of SurveyMonkey, announced it has entered into a definitive agreement to be acquired by a consortium led by Symphony Technology Group (STG) in an all-cash transaction that values Momentive at approximately $1.5 billion.

Under the terms of the agreement, Momentive shareholders will receive $9.46 per share, representing a premium of approximately 28% to the volume-weighted average closing price of Momentive stock for the 10 trading days ending on March 13, 2023, and a 46% premium to the company’s closing stock price on the day prior to media rumors regarding a potential sale on October 19, 2022.

Approvals and Timing

The deal, which was approved unanimously by the Momentive Board of Directors, is expected to close in the second or third quarter of 2023, subject to customary closing conditions, including approval by Momentive shareholders and the receipt of required regulatory approvals. The deal is not subject to a financing condition.

Upon completion of the deal, Momentive’s common stock will no longer be listed on any public market. The company will continue to operate under the Momentive name and Momentive and SurveyMonkey brands.

KEY QUOTES:

“This new chapter will enable Momentive to advance our long-term strategy and mission. STG’s 20 years of investment experience in software, analytics, and data companies will provide us with invaluable expertise as we scale our customer base and product suite. Today’s volatile business climate necessitates that organizations consistently collect feedback from their stakeholders. That’s where we shine.”

  • Zander Lurie, Momentive CEO

“The transaction is the result of an extensive and careful process to review strategic alternatives by the Momentive board. The board believes this is the right path for delivering certain and attractive value for shareholders. The Momentive board voted unanimously in favor of the transaction.”

  • David Ebersman, chair of the Momentive Board of Directors

“SurveyMonkey is the most iconic brand in survey technology and has a terrific reputation among individuals, teams, and enterprises for innovation and leadership, with an impressive combination of incredible ease of use and advanced enterprise capabilities and analytics. We have long admired the company during our 20-year history of active investment in the insights and analytics sector, and are very excited to partner with the team at Momentive to build upon their excellent foundation. Together we will continue delivering exceptional value and innovation to individuals and enterprises globally.”

  • J.T. Treadwell, Managing Director at STG