M&A · Tech · Services-Prepackaged Software
Thoma Bravo, LLC to acquire QAD Inc
Announced Jun 28, 2021 · Closed Nov 5, 2021
Deal value$2.00BEV $1.86B
Premium20.0%To unaffected price
EV / Adj. EBITDA—5.9x EV / Revenue
ConsiderationAll cash$87.50 per share
Transaction
- Acquirer
- Thoma Bravo, LLC
- Target
- QAD Inc (QADA)
- Buyer type
- Private equity
- Offer price per share
- $87.50
- Enterprise value
- $1.86B
- Status
- Closed Nov 5, 2021
Deal protections
- Break fee (target pays)
- $59.0M · 2.9%
- Reverse fee (buyer pays)
- $127M · 6.3%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley
Advisors
- To the acquirer
- Barclays
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $27.0M
Sector context · Tech
- Comparable deals
- 34 in the prior 24 months
- Premium
- 20.0% vs. 31.0% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedJun 28, 2021
- Proxy filedAug 2, 2021
- Definitive proxySep 9, 2021
- Shareholder voteOct 15, 2021
- ClosedNov 5, 2021
Valuation · fairness opinions
Analyst price targets$75.00$82.00
Analyst price targets$69.38$75.85
Offer $87.50
Implied value per QAD Inc share by analysis, from Morgan Stanley · DCF discount rate 7.1%–9.1%.