US cloud services provider Citrix has been acquired for $16.5 billion (£12.1bn) and will be privatised and merged with data analysis software developer Tibco Software.

The buyout comes from Elliot Investment Management and Vista Equity Partners, the latter of which has owned Tibco since 2014.

Following weeks of reports of negotiations, the acquisition deal has been approved by Citrix’s board of directors and is expected to close by mid-2022.

Elliot...