M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire Dayforce, Inc.
Announced Aug 21, 2025 · Closed Feb 4, 2026
Deal value$12.30BEV $12.30B
Premium32.0%To unaffected price
EV / Adj. EBITDA24.1x6.6x EV / Revenue
ConsiderationAll cash$70.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Dayforce, Inc. (DAY)
- Buyer type
- Private equity
- Offer price per share
- $70.00
- Enterprise value
- $12.30B
- Status
- Closed Feb 4, 2026
Deal protections
- Break fee (target pays)
- $351M · 2.9%
- Reverse fee (buyer pays)
- $702M · 5.7%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, JPMorgan
- To the target
- Evercore
- Evercore fee
- $40.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 32.0% vs. 37.1% sector median
- EV / Adj. EBITDA
- 24.1x vs. 16.5x sector median
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedAug 21, 2025
- Proxy filedSep 16, 2025
- Definitive proxySep 29, 2025
- Shareholder voteNov 12, 2025
- ClosedFeb 4, 2026
Valuation · fairness opinions
Discounted cash flow$46.01$73.17
Trading comparables$53.00$75.00
Precedent transactions$57.00$74.00
Analyst price targets$47.00$95.00
Premiums paid$66.00$71.00
Offer $70.00
Implied value per Dayforce, Inc. share by analysis, from Evercore · DCF discount rate 11.5%–13%.