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MERGERS & ACQUISITIONS

Auction heats up for Deltek

Private equity firms reportedly making bids

  • By Nick Wakeman
  • Aug 09, 2012
Private equity groups are apparently at the front of the line in the bidding war for Deltek Inc.

Reuters is reporting that Hellman & Friedman LLC and Bain Capital have made offers for Deltek, and are moving into the due diligence phase of the acquisition.

The company also might be considering a second round of bids, according to Reuters. No timetable has been set, but more bids could come in the next few weeks. 

The company has declined to comment on a potential sale, which first was reported by the Wall Street Journal in July.

Deltek reportedly has hired Greenhill & Co. and Credit Suisse Group to manage the auction.

The company’s stock is up, both on the rumors of the sale and as a result of its second quarter earnings that showed that Deltek has returned to profitability in 2012, after reporting a loss for 2011.

Deltek’s stock closed at $13.55 on Aug. 8. Reuters estimates the company’s market capitalization at $930.5 million.

About the Author

Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.

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