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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.

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