Cloudera, Hortonworks stock both soar on merger announcement

Cloudera Inc. and Hortonworks Inc. shares both soared Thursday, after the competitors announced a merger to combine their strengths in big data and cloud computing.

Cloudera stock CLDR, +11.53% was up 10% and Hortonworks shares HDP, +11.88% were up 11% in midday trade.

The plan, which was approved by the boards of both companies, calls for Cloudera shareholders to own about 60% of the combined company and Hortonworks shareholders to own about 40%. The companies expect the deal to close in the first quarter of 2019.

Cloudera Chief Executive Tom Reilly will serve as CEO of the combined company and Hortonworks Chief Operating Officer Scott Davidson will serve as COO.

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