Thoma Bravo submits $2.4B acquisition offer for data firm Talend
Private equity investment firm Thoma Bravo, a firm focused on the software and technology-enabled services sectors, announced the acquisition of Talend, a data integration and data integrity company, in a deal worth $2.4 billion.
Thoma Bravo intends to begin a tender offer to acquire all of Talend’s outstanding ordinary shares and American Depositary Shares, for $66 per ordinary share and ADS in cash. The offer represents a premium of approximately 29% to Talend’s closing price on March 9 and an 81% premium to the volume weighted average price over the last 12 months.
The Talend Board of Directors unanimously approved the memorandum of understanding.
“As the world embraces digital transformation at an accelerated pace, we continue to invest in and partner with great technology companies to achieve sustainable, long-term growth. We are looking forward to working with Talend, a leader in data integration and data integrity,” said Mayagüez-born Orlando Bravo, founder and managing partner of Thoma Bravo.
Subject to and upon completion of the transaction, Talend would become a private company and continue investing in its cloud transition as well as products and solutions that serve the evolving data needs of its customers, the firms said.
“We’re pleased to move forward with Thoma Bravo, as the transaction will deliver compelling and certain cash value to Talend shareholders and significant strategic, long-term benefits for our customers, employees, and other stakeholders,” said Talend Chairman Steve Singh. “We believe the transaction with Thoma Bravo validates the Talend team’s success in building a data market leader.”
The agreement includes a 30-day “go-shop” period expiring on April 10, 2021, which allows Talend’s Board and advisors to solicit alternative acquisition proposals.
Talend has the right to terminate the memorandum of understanding to enter into a superior proposal subject to certain terms and conditions of the memorandum of understanding.
“There can be no assurance that this “go-shop” will result in a superior proposal, and Talend does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or is otherwise required,” it said in a statement.
If Talend’s board recommends Thoma Bravo’s offer to its shareholders, Thoma Bravo will launch the tender offer then.
The tender offer is currently expected to close in the third quarter of 2021 and the redomiciling and related transactions are currently expected to close in the fourth quarter of 2021, the companies said.