Adobe is buying ecommerce player Magento Commerce for $1.68 billion, its largest deal in nearly a decade

Adobe announced Monday it was buying e-commerce services provider Magento Commerce for $1.68 billion in cash.The deal is Adobe's biggest in nearly a decade.The company said the deal will enhance its cloud business.Adobe Systems said on Monday it would buy e-commerce services provider Magento Commerce from private equity firm Permira for $1.68 billion in cash, its biggest deal in nearly a decade.Shares of Adobe were up about 1 percent in extended trading after the Photoshop maker also said it would buy back up to $8 billion of shares through its fiscal year 2021.Adobe said the deal will help bolster its experience cloud business, which provides services including analytics, advertising and marketing.Magento was acquired by Permira from eBay Inc in 2015 and counts Canon, Helly Hansen, Paul Smith and Rosetta Stone among its clients.Magento also share customers including Coca-Cola, Warner Music Group, Nestle and Cathay Pacific with Adobe, the company said.The transaction is expected to close during the third quarter of Adobes 2018 fiscal year.Qatalyst Partners acted as financial adviser to Permira, and Fried, Frank, Harris, Shriver & Jacobson acted as legal adviser.SEE ALSO:A single high school in India has produced the CEOs of Microsoft, Adobe, and MastercardJoin the conversation about this storyNOW WATCH: Why so many fast food logos are red
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