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