MERGERS & ACQUISITIONS
Deltek makes $1.1B deal with private equity buyer
- By Nick Wakeman
- Aug 27, 2012
Deltek Inc. will be acquired by $1.1 billion by the Thoma Bravo private equity group in an all cash deal.
The rumors of Deltek being for sale have circulated for at least a month as its primary shareholder, New Mountain Capital, was looking for a way to cash out its position.
Deltek shareholders will get $13 a share, a 7 percent discount on its price as of Aug. 24, but a 24 percent premium over the share price on June 11, the day before the company began shopping for a buyer.
New Mountain Capital acquired Deltek in 2005 for $200 million. At the time, Deltek had $123 million in revenue. The company later went public, but New Mountain remained its largest shareholder with a 59.5 percent stake.
Once this deal closes, Deltek will again be a private company. The transaction will be completed after customary regulatory reviews.
The company’s management team will remain in place under the new ownership.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.