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Thoma Bravo agrees $2.5bn Compuware take-private deal

3 Sep 2014

Application performance management gartnerUS private equity major Thoma Bravo has agreed a $2.5bn take-private deal for Nasdaq-listed IT support business Compuware.

The deal, which requires shareholder approval, works out at about $10.92 per share, a premium of 17 per cent to the company’s closing stock price on August 29.

Thoma Bravo managing partner Seth Boro said, “We have been incredibly impressed with the business that the Compuware management team has built, and look forward to working with them on this next stage of growth for the company.

“The APM and mainframe productivity tools markets are exciting and ever-evolving industries, and we’re confident that our partnership with Compuware will enhance its position as the market leader and fuel further innovation that will benefit customers.”

Elliott Management, which owns approximately 9.5 per cent of Compuware’s common stock, has entered into an agreement with Thoma Bravo to vote its shares in favour of the transaction.

The Compuware board of directors unanimously approved the agreement and recommended Compuware’s shareholders approve the transaction, which is expected to close by early 2015.

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