Thoma Bravo to take private for $6 billion, shares jump

(Reuters) said on Friday private equity firm Thoma Bravo would take the e-commerce shipping solutions provider private for about $6 billion in cash, sending its shares nearly 64% higher. shareholders will receive $330 per share, according to the agreement, representing a premium of about 67% to the stock’s close on Thursday.

The deal, expected to close in the third quarter of this year, is valued at about $6.6 billion including debt.

Thoma Bravo is one the largest software-focused private equity firms with more than $78 billion in assets under management. Its portfolio companies include information technology services provider SolarWinds Corp and cybersecurity firm McAfee Corp.

It announced take-private deals for security software vendor Proofpoint and data solutions provider Talend earlier this year.

The high premium for was reasonable and justifiable in the context of recent software deals, K Liu & Co analyst said in a note.

“We have always viewed as a juggernaut in the e-commerce space and believed shares could eventually garner a premium valuation more akin to highly regarded peers like Shopify,” the note said. targets its services at small businesses and home offices and helps them print U.S. Postal Service-approved postage right from their workplace. The company, which has nearly 732,000 monthly subscribers, has also partnered with Microsoft.

The deal also includes a 40-day “go-shop” period, which will allow the company to consider alternative offers, said.

The company’s shares were trading at $323.42, about $7 behind the offer price.

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