(Reuters] -Software company Citrix System (NASDAQ:), announced on Monday that it would be taking private $16.5 billion of debt from affiliates Elliott Management (and Vista Equity Partners) who seek to exploit the boom in cloud computing caused by the pandemic.

Citrix shareholders are entitled to receive $104 cash per share under this deal. It imply a value equity of almost $13 trillion and confirms Reuters’ Sunday report about the joint bid.

It is a premium 24.3% over Citrix’s closing price on Dec. 20, the day when first reports of a joint bid emerged. It is still at 1.5% discount to its last closing price.

Citrix Shares fell 3.6% to $101.8 just before Monday’s bell.

In a statement, Bob Calderoni, interim chief executive officer said that today’s announcement was the culmination of five-month-long strategic reviews. This included extensive outreach to potential strategic and financial buyers.

This company provides networking software and remote work solutions to companies and, according to their website, it counts 98% Fortune 500 businesses as customers.

However, it was unable to capitalise on the growth of virtual working in the COVID-19 epidemic as it spent too much time on its salesforce but too little on its distribution partner.

Citrix’s stock plummeted 23% last fiscal year.

Bloomberg News reported that it had been looking at a possible sale of the company in September. This was according to sources familiar with this matter.

Evergreen Coast Capital is an affiliate of Elliott, and several affiliates of Vista Equity are the buyers. The buyers plan to merge Citrix with Vista’s portfolio company TIBCO software, a data analysis firm that caters to hybrid-oriented enterprises.