Hedge fund Elliott Management and investment firm Vista Equity Partners have agreed to buy Citrix Systems in a deal valued at $16.5 billion, the cloud computing company said on Monday.

Reuters reported on Sunday that Elliott and Vista were nearing a $13 billion deal for Citrix, citing a person familiar with the matter, as they seek to tap the pandemic-driven boom in cloud computing.

Under the terms of the deal, Citrix shareholders will receive $104 in cash per share, implying an equity value of nearly $13 billion, according to a Reuters calculation.

This represents a premium of 24.3% to Citrix's close on Dec. 20, when talks of a joint bid were first reported.

The buyers said they intend to combine Citrix and Vista's data analytics firm, TIBCO Software, after taking Citrix private.