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Actionable news in RAX: RACKSPACE HOSTING Inc,

Rackspace (RAX) Stock Climbs on Privatization

NEW YORK (TheStreet) -- Shares of Rackspace Hosting (RAX) were gaining at the start of trading on Friday as the San Antonio, TX-based managed cloud company will be taken private in a $4.3 billion acquisition by private equity firm Apollo Global Management.

Under the terms of the deal, Rackspace shareholders will receive $32 per share in cash, representing a 38% premium to the stock's closing price on August 3 when the Wall Street Journal first reported that the companies were nearing a deal.

The value of the transaction includes the assumption of $43 million of net cash as...