M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire RealPage, Inc.
Announced Dec 21, 2020 · Closed Apr 22, 2021
Deal value$10.20BEV $9.01B
Premium30.8%To unaffected price
EV / Adj. EBITDA31.1x8.1x EV / Revenue
ConsiderationAll cash$88.75 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- RealPage, Inc. (RP)
- Buyer type
- Private equity
- Offer price per share
- $88.75
- Enterprise value
- $9.01B
- Status
- Closed Apr 22, 2021
Deal protections
- Break fee (target pays)
- $288M · 2.8%
- Reverse fee (buyer pays)
- $528M · 5.2%
- Go-shop
- Go-shop
- Financing
- Committed · Goldman Sachs, Credit Suisse, UBS, BMO Capital Markets, Barclays, Deutsche Bank +2
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- BofA Securities
Sector context · Tech
- Comparable deals
- 9 in the prior 24 months
- Premium
- 30.8% vs. 18.9% sector median
- EV / Adj. EBITDA
- 31.1x vs. 22.2x sector median
- Break fee
- 2.8% vs. 2.9% sector median
Timeline
- AnnouncedDec 21, 2020
- Proxy filedJan 19, 2021
- Definitive proxyFeb 5, 2021
- Shareholder voteMar 8, 2021
- ClosedApr 22, 2021
Valuation · fairness opinions
Trading comparables$66.50$114.00
Trading comparables$66.00$120.00
Trading comparables$57.25$85.25
Trading comparables$62.25$87.75
Trading comparables$55.75$84.75
Offer $88.75
Implied value per RealPage, Inc. share by analysis, from BofA Securities · DCF discount rate 6.5%–8.5%.