Shares of Stamps.com rocketed much than 60% Friday aft Thoma Bravo agreed to bargain the e-commerce shipping supplier for $6.6 billion.
Thoma Bravo, a Chicago buyout shop, is paying $330 a stock for Stamps.com (ticker: STMP), a adjacent 67% premium to the company’s closing stock terms of $197.72 connected Thursday. Stamps.com’s committee has approved the woody that volition spot Stamps.com go a backstage company.
The transaction is expected to adjacent successful the 3rd quarter, taxable to customary closing conditions and support by Stamps.com stockholders.
“Today’s announcement marks a important milestone successful the past of Stamps.com and volition supply america with a caller and breathtaking level from which we tin proceed to execute our planetary strategy driven by best-in-class bundle and exertion solutions,” said Ken McBride, Stamps.com’s Chairman and CEO, in a statement.
Founded successful 1996, Stamps.com provides Internet mailing and shipping solutions. The El Segundo, California institution is an approved licensed vendor for the U.S. Postal Service. Customers, which see consumers, tiny businesses, and ample enterprises, tin people U.S. Postal Service postage for some home and planetary shipping. Individual users wage $17.99 a period and tin vessel items from anyplace arsenic agelong arsenic they person a ZIP Code, the company’s website said.
The merchantability to Thoma Bravo includes a 40-day go-shop, which expires connected Aug. 18. This proviso allows Stamps.com’s committee and its advisors to actively question retired and see alternate takeover offers from 3rd parties. Go-shops, however, seldom effect successful a higher bid chiefly due to the fact that the parties deficiency clip to behaviour owed diligence.
The acquisition is the latest for Thoma Bravo, a bundle capitalist that is nary alien to large deals. In April, Thoma inked a $12.3 cardinal acquisition of cybersecurity steadfast Proofpoint. The PE steadfast also completed that period its $10.2 cardinal acquisition of RealPage, a existent property bundle firm. In 2020, Thoma Bravo provided 1 of the biggest exits, when it sold Ellie Mae to the Intercontinental Exchange for $11 billion. The steadfast made 4 times its wealth connected a holding of little than 2 years, Barron’s reported.
“As the archetypal institution to present online postage and an aboriginal innovator successful e-commerce shipping software, Stamps.com has established itself arsenic a cardinal exertion solution successful worldwide e-commerce,” said Holden Spaht, a Thoma Bravo managing partner, successful a statement.
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