The Longueuil, Que.-based procurement and commerce software firm has agreed to be sold to U.S. private equity giant KKR for $5.80 per share, representing a premium of about 58 per cent, the companies said in a press release. MDF would go private and remain headquartered in Quebec following the acquisition. (The Logic)

Talking point: MDF’s board unanimously endorsed the sale, but it still needs shareholder approval. The transaction is expected to close in the second quarter of this year. It follows a tumultuous period for the company. MDF’s share price hit its most recent high of nearly $17 in 2021 before crashing in the latter half of that year, languishing around $4 per share. The company had two rounds of layoffs last spring in response to “macroeconomic conditions and shifting client priorities.” KKR began scouting Canadian deals around 2019. Last year, it acquired Calgary-based CoolIT Systems. “We look forward to the enormous opportunity ahead for the MDF Commerce eProcurement platform as governments increasingly embrace digital solutions,” KKR partner John Park said in a release. MDF shares soared more than 54 per cent Monday.