Sidley Austin advised private equity firm Clearlake Capital Group on its acquisition of a fellow Santa Monica, Calif.-based company, the talent-management software provider Cornerstone OnDemand.
Cooley is advising Cornerstone on the transaction, which calls for Clearlake to acquire outstanding shares of Cornerstone for $57.50 per share and has an enterprise value of around $5.2 billion.
Upon completion, expected in 2021’s second half, Cornerstone will become a private company, according to a statement. Paul Hastings said it’s advising San Francisco-based private equity firm Vector Capital, which is making a minority investment in Cornerstone.
Cornerstone said Clearlake’s investment will help it pursue ...