Soft maker Deltek to be taken private for $890.5M

Aug 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: China's Xiaomi raises more than $1 bn in funding

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Blackboard to be taken private in $1.64B deal

Jul 01, 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.

Microsoft prices $1.15B convertible debt sale

Jun 09, 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.

Zynga founder, other insiders to sell 43M shares

Mar 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.

LinkedIn CEO, other insiders prepare to sell stock

Nov 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.

Recommended for you

China's Xiaomi raises more than $1 bn in funding

15 hours ago

China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Why the Sony hack isn't big news in Japan

Dec 20, 2014

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

Dec 20, 2014

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

Dec 20, 2014

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

User comments : 0

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.