Warburg Pincus invests $175m in Nuance
Nuance, which announced the move today, said Warburg Pincus will pay $10.06 per share, representing a 9.6 percent premium to the speech recognition software maker's closing stock price Wednesday.
The New York-based firm will get about 17.4 million shares plus a warrant to buy 3.9 million more after the deal closes. Nuance said Warburg Pincus has agreed not to sell any shares for six months following the deal's close, which is expected in early February.
The company said it plans to spend the proceeds on possible mergers or acquisitions besides normal operations.
Nuance shares surged in morning trading on the Nasdaq Stock Market, climbing 71 cents, or 7.6 percent, to $9.89.
To read the press release, please click here. (AP)