Bloomberg Law
Aug. 9, 2021, 10:01 AM

Three Firms On Clearlake’s $5.2 Billion Cornerstone OnDemand Buy

Rick Mitchell
Rick Mitchell
Freelance Correspondent

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 ...

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