logo
  

Ping Identity To Be Acquired By Thoma Bravo For Around $2.8 Bln In Cash

Ping Identity Holding Corp.(PING), identity security platform, said on Wednesday that it has inked a deal to be acquired by Thoma Bravo, a software investment firm, for $28.50 per share or around $2.8 billion in cash.

The offer shows a premium of around 63 percent over Ping Identity's closing share price on August 2, and a premium of 52 percent over the volume weighted average price of Ping Identity stock for the 60 days ending August 2.

"This transaction is a great outcome, and one we firmly believe maximizes value for all stakeholders," said Michael Fosnaugh, Co-Head of Vista's Flagship Fund and Senior Managing Director, and Ping Identity's Chairman of the Board.

Vista Equity Partners owns around 9.7 percent of Ping Identity's shares.

Upon the completion of the transaction, expected to be closed in the fourth quarter, Ping Identity's shares will no longer be listed on the NYSE and the firm will become a privately held company.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. may face production shortfall of as many as 6 million iPhone Pro units this year due to ongoing protests at its major China plant, Bloomberg reported citing a person familiar with assembly operations. Following the news, Apple shares were losing around 2.2 percent in pre-market activity on the Nasdaq. Despite fears of inflation, consumers spent $9.12 billion for online shopping during Black Friday, higher than in previous years, as per a report published by Adobe Analytics. During the 2022 holiday season, total estimated revenues are $209.7 billion, a growth of 2.5 percent from last year's recorded revenues of $205 billion. Weis Markets, Inc., a Mid Atlantic food retailer, has recalled 108 containers of Weis Quality Sea Salt Caramel Ripple Ice Cream citing possible presence of undeclared soy and coconut allergens, the U.S. Food and Drug Administration said. The recalled product comes in 48oz containers that says Weis Quality Sea Salt Caramel Ripple Ice Cream, while the lid says Weis Quality Caramel Caribou Ice Cream
Follow RTT