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Investing.com -- Shares of TaskUs, Inc. (NASDAQ:TASK) surged 15% as the company announced a definitive agreement to transition into a privately held entity. An affiliate of Blackstone (NYSE:BX), together with TaskUs co-founders Bryce Maddock and Jaspar Weir, will acquire all outstanding shares of Class A common stock they do not already own at $16.50 per share in cash. This offer represents a 26% premium over TaskUs’ 30-day volume-weighted average price.
The deal, which has been approved by TaskUs’ Board of Directors following a unanimous recommendation from a special committee of independent directors, is expected to close in the second half of 2025, contingent on customary closing conditions and approvals. The acquisition will remove TaskUs’ Class A common stock from public listing, with Maddock and Weir continuing in their roles as CEO and President respectively.
The special committee, formed on March 20, 2025, engaged with leading financial and legal advisors to evaluate the transaction proposed by the Buyer Group. "Following our evaluation, we concluded that this transaction is in the best interest of TaskUs and our public stockholders," the Special Committee stated.
Bryce Maddock commented on the strategic importance of the transaction, saying, "This strategic transaction will deliver immediate value to stockholders, while enabling TaskUs to make long-term investments to better support both our own business and our clients as we scale and adapt in the AI age."
Amit Dixit, Head of Asia Private Equity at Blackstone, emphasized the benefits of the acquisition for TaskUs’ future, particularly in enhancing AI capabilities to maintain a competitive edge in customer value propositions.
Evercore Group L.L.C. and Cravath, Swaine & Moore LLP are advising the Special Committee, while BofA Securities and Simpson Thacher & Bartlett LLP are advising the Buyer Group. Latham & Watkins LLP is providing legal counsel to Maddock and Weir.
Investors reacted positively to the news, reflected in the stock’s significant upswing during the trading session. The transaction is a pivotal move for TaskUs, positioning it for long-term growth and adaptation in the evolving landscape of AI and technology services.
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