Soft maker Deltek to be taken private for $890.5M

August 27, 2012

(AP)—Deltek Inc. shares slid nearly 8 percent Monday after the business software company said that it was being bought by private equity firm Thoma Bravo LLC in a cash deal worth about $890.5 million.

The $13 price for each of Deltek's shares is a 7.2 percent discount from the business software company's Friday closing of $14.01.

Based on Deltek's about 68.5 million outstanding shares, the deal is worth about $890.5 million. The Herdon, Virginia-based company valued the deal at about $1.1 billion including restricted stock options and debt. As of June 30, the company had about $152.6 million in debt, according to its latest quarterly report.

Deltek, which supplies enterprise software and information products to professional services firms and government contractors, will remain based in Herndon and keep its existing senior management team, the company said.

The deal is expected to close in the . It's been approved by Deltek's board and is supported by New York-based New Mountain Capital, the company's largest shareholder with 59.5 percent of Deltek's . As a result, no further shareholder approval is required.

Deltek shares fell $1.08, or 7.7 percent, to $12.93 in afternoon trading. Shares had risen by about a third since June 12, when Deltek says it gave details on a sale of the company to potential buyers.

Explore further: Microsoft prices $1.15B convertible debt sale


Related Stories

Microsoft prices $1.15B convertible debt sale

June 9, 2010

(AP) -- Microsoft Corp. has priced its $1.15 billion convertible debt offering to institutional investors, and said it will use the proceeds to pay down short-term debt.

Blackboard to be taken private in $1.64B deal

July 1, 2011

(AP) -- Educational software maker Blackboard is being taken private for $1.64 billion in cash by an investor group led by affiliates of Providence Equity Partners.

LinkedIn CEO, other insiders prepare to sell stock

November 15, 2011

LinkedIn Corp.'s employees and early backers plan to sell more than 6.7 million shares as they try to reap the gains from a rapid run-up in the online professional networking service's market value.

Zynga founder, other insiders to sell 43M shares

March 23, 2012

(AP) -- Zynga's CEO and other insiders at the online games company plan to sell 43 million shares of stock in a public offering that will boost the amount of stock available for general trading by 35 percent.

Recommended for you

Internet giants race to faster mobile news apps

October 4, 2015

US tech giants are turning to the news in their competition for mobile users, developing new, faster ways to deliver content, but the benefits for struggling media outlets remain unclear.

Radio frequency 'harvesting' tech unveiled in UK

September 30, 2015

An energy harvesting technology that its developers say will be able to turn ambient radio frequency waves into usable electricity to charge low power devices was unveiled in London on Wednesday.

Professors say US has fallen behind on offshore wind power

September 29, 2015

University of Delaware faculty from the College of Earth, Ocean, and Environment (CEOE), the College of Engineering and the Alfred Lerner School of Business and Economics say that the U.S. has fallen behind in offshore wind ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.