Adobe, Permira to link on $1.7B sale

Internet Retail | Campbell, CA | Corporate Acquisition

Adobe has agreed to pay $1.68 billion in cash for Magento Commerce, the developer of a cloud-powered commerce platform for both B2B and B2C clients. Permira has owned Magento since 2015, when it bought the business from eBay; the firm will earn a return of more than 5x on the sale, per Buyouts. Hillhouse Capital made an additional investment in Magento in 2017.

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