M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire Ping Identity Holding Corp.
Announced Aug 3, 2022 · Closed Oct 18, 2022
Deal value$2.80BEV $2.80B
Premium63.0%To unaffected price
EV / Adj. EBITDA—8.9x EV / Revenue
ConsiderationAll cash$28.50 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Ping Identity Holding Corp. (PING)
- Buyer type
- Private equity
- Offer price per share
- $28.50
- Enterprise value
- $2.80B
- Status
- Closed Oct 18, 2022
Deal protections
- Break fee (target pays)
- $78.0M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Tech
- Comparable deals
- 73 in the prior 24 months
- Premium
- 63.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 17.8x
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedAug 3, 2022
- Proxy filedSep 6, 2022
- Definitive proxySep 16, 2022
- Shareholder voteOct 17, 2022
- ClosedOct 18, 2022
Valuation · fairness opinions
Other analysis$23.59$35.77
Trading comparables$22.49$39.37
Precedent transactions$23.48$35.76
Premiums paid$20.25$24.72
Offer $28.50
Implied value per Ping Identity Holding Corp. share by analysis, from Goldman Sachs · DCF discount rate 11.5%–13.5%.