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
Ford Motor Co. is seeking a new trial in a Georgia court after a jury reached a $1.7 billion verdict in a lawsuit against the automotive major regarding a truck rollover accident, The Wall Street Journal reported. In the new court filings, Ford said it was unfairly precluded from providing evidence and thus defending against claims that its trucks were defective. Omnichannel retailer Macy's, Inc. announced Monday plans to hire colleagues for more than 41,000 full- and part-time seasonal positions for the upcoming holiday season. The colleagues will be positioned at its Macy's, Bloomingdale's and Bluemercury stores, supply chain locations and call centers. Seffner, Florida -based Canyon Furniture Co. is recalling ladders sold with bunk bed and hutch sets citing entrapment and strangulation risks, the U.S. Consumer Product Safety Commission said. The about 2,100 units of Canyon Lake and Cottage Colors Bunk Bed and Hutch Sets were sold exclusively at Rooms To Go.
RELATED NEWS
Follow RTT