Deltek Inc. (PROJ) agreed to be acquired by Thoma Bravo LLC for
about $950 million, a deal that comes about two months after the
software company put itself up for auction.
Deltek's shares fell 7.6% to $12,94 in recent trading. The
company said the shares have risen 24% since it disseminated
information about the sales process on a confidential basis in
early June.
Deltek's software helps clients--mainly federal contractors and
professional services firms that carry out specific
projects--manage customer information, revenue, financial
compliance and expenses. Companies such as Deltek have profited
from government demand for information-technology services.
The Wall Street Journal in July reported that the software maker
had put itself up for sale in an auction that it said could fetch
as much as $1 billion.
Deltek shareholders will receive $13 a share under the deal,
which is set to close in the fourth quarter. The price represents a
7.1% discount to Friday's close of $14.01 a share.
The purchase price includes payments for restricted shares and
options. Including the assumption of about $154 million in debt,
the deal is valued at about $1.1 billion, according to a company
spokesperson.
The company's largest shareholder, New Mountain Capital,
approved the deal and holds 100% of Deltek's Class A stock and
59.5% of the company's common stock. Deltek will continue to be led
by its senior management team.
Write to Tess Stynes at Tess.Stynes@dowjones.com
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