Deal announced after enterprise software company was targeted by hedge fund-led activist campaign
Thoma Bravo has agreed to buy enterprise software company Anaplan for $10.7bn, just days after two hedge funds teamed up with a shareholder to launch an activist campaign against the San Francisco-based business.
The deal was announced after Sachem Head Capital Management and Corvex Management last week disclosed they had built a stake in the UK-founded company alongside JS Capital Management, a fund run by Jonathan Soros, the son of billionaire financier George Soros, and an existing shareholder.
The firm sidestepped investment banks to arrange a multibillion-dollar financing package from a consortium of private capital providers including Owl Rock Capital, Blackstone, Apollo Global and Golub Capital.
The deal follows a flurry of private equity-led takeovers in the software sector, including the $14bn buyout of cyber security company McAfee by Advent International and Permira, which was completed this month, and the $16.5bn takeover of Citrix by Elliott Management and Vista Equity in January.
Read more: FT
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