Thoma Bravo to take Compuware private for about $2.5 bln

Thoma Bravo has agreed to buy Detroit-based business software provider Compuware and take it private for about $2.5 billion.

According to terms of the agreement, Thoma Bravo will pay in cash $10.43 for each outstanding share of Compuware stock. Compuware shareholders will receive about $10.92 per share, which includes a 17 percent premium to the company’s stock price as of the close of the trading session on August 29, 2014.

Goldman Sachs is serving as financial advisor to Compuware on the deal, which is expected to be completed by early 2015. Jefferies, Credit Suisse and Deutsche Bank have agreed to provide debt financing for the transaction.

On his firm’s acquisition of Compuware, Seth Boro, Thoma Bravo’s managing partner, said in a statement: “The APM and mainframe productivity tools markets are exciting and ever-evolving industries, and we’re confident that our partnership with Compuware will enhance its position as the market leader and fuel further innovation that will benefit customers.”

Compuware is backed by Elliott Management, which owns about 9.5 percent of the company’s stock.

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