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