Private equity firms KKR & Co and Clayton Dubilier & Rice LLC (CD&R) will take Cloudera Inc private for $4.7 billion, the cloud-based data analytics company said on Tuesday.

Private equity firms KKR & Co and Clayton Dubilier & Rice LLC (CD&R) will take Cloudera Inc private for $4.7 billion, the cloud-based data analytics company said on Tuesday.

The $16 per share cash offer represents a premium of over 24% to Cloudera‘s last close on Friday, the company said in a regulatory filing.

Cloudera, which provides cloud-based software and platform to enterprises for data management and insights generation, caters to industries including finance, healthcare and government agencies.

With an uptick in demand for cloud-based services since the pandemic last year, major cloud services providers including Amazon.com Inc, Alphabet Inc’s Google and Microsoft Corp have been pushing to provide products similar to ones offered by Cloudera.

Bloomberg Law reported in June that Cloudera has been exploring a sale after getting takeover interest.

Activist investor Carl Icahn holds about 17.8% of Cloudera’s total shares and is its largest investor, according to Refinitiv data.

The deal, expected to close in the second half of this year, includes a 30-day “go-shop” period, which allows the company to consider alternative offers, Cloudera said.

Shares of Cloudera jumped more than 24% to $15.98 in premarket trading.

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