M&A · Tech · Services-Computer Processing & Data Preparation
Thoma Bravo, L.P. to acquire Proofpoint Inc
Announced Apr 26, 2021 · Closed Aug 31, 2021
Deal value$12.30BEV $9.97B
Premium34.0%To unaffected price
EV / Adj. EBITDA—9.5x EV / Revenue
ConsiderationAll cash$176.00 per share
Transaction
- Acquirer
- Thoma Bravo, L.P.
- Target
- Proofpoint Inc (PFPT)
- Buyer type
- Private equity
- Offer price per share
- $176.00
- Enterprise value
- $9.97B
- Status
- Closed Aug 31, 2021
Deal protections
- Break fee (target pays)
- $369M · 3.0%
- Reverse fee (buyer pays)
- $676M · 5.5%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $78.0M
Sector context · Tech
- Comparable deals
- 29 in the prior 24 months
- Premium
- 34.0% vs. 31.9% sector median
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 3.0% vs. 2.9% sector median
Timeline
- AnnouncedApr 26, 2021
- Proxy filedJun 2, 2021
- Definitive proxyJun 14, 2021
- Shareholder voteJul 23, 2021
- ClosedAug 31, 2021
Valuation · fairness opinions
Analyst price targets$100.00$166.00
Analyst price targets$92.00$154.00
Offer $176.00
Implied value per Proofpoint Inc share by analysis, from Morgan Stanley · DCF discount rate 7.1%–9%.