December 21, 2020 | Technology | North America | Active

RealPage / Thoma Bravo: New Deal Insights


Following its successful $3.9bn LBO of UK-based cyber security company, Sophos (SOPH LN), in March 2020, Thoma Bravo is now targeting a much larger buyout, and the largest in its history. RealPage, a Texas-based real estate software company, is being taken private at $88.75 per share, which equates to an enterprise value of $10.2bn. The buyout is the second largest LBO of 2020, behind Advent and Cinven’s €17.2bn acquisition of Thyssenkrupp’s elevator business in February. The offer price represents ... Deal risks assessed in this report: high pro forma leverage; undisclosed competition issue with a sponsor holding; timing on money transmitter approvals.



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