Qlik Technologies To Be Acquired By Thoma Bravo In $3 Bln Deal

(RTTNews) - Business analysis software maker Qlik Technologies, Inc. (QLIK) said that following a review of strategic alternatives, it has agreed to be acquired by private equity investment firm Thoma Bravo, LLC for about $3 billion in cash. Shares of Qlik are gaining more than 4 percent in pre-market activity.

Under the terms of the deal, Qlik shareholders will receive $30.50 in cash for each share of Qlik common stock they hold. This price represents a premium of 40 percent to the company's unaffected 10-day average stock price prior to March 3, 2016 of $21.83.

The proposed transaction is expected to close in the third quarter of 2016, subject to approval by Qlik's shareholders. The agreement was unanimously approved by Qlik's board of directors.

"We believe the proposed transaction is in the best interest of Qlik's shareholders and provides the Company with additional flexibility to execute our strategic plan as we continue to diligently provide customers with the premier products and services they have come to expect," said Lars Björk, Chief Executive Officer of Qlik.

Following closure of the deal, Qlik will maintain its corporate headquarters in Radnor, Pennsylvania and continue to service its customers globally led by its existing executive team.

Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Qlik, while Skadden, Arps, Slate, Meagher & Flom LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP are serving as its legal advisors.

For Thoma Bravo, Goldman, Sachs & Co. is serving as exclusive financial advisor and Kirkland & Ellis LLP is serving as its legal advisor.

Ares Capital Corp. (ARCC) is serving as the administrative and collateral agent, joint lead arranger and joint bookrunner for the $1.075 billion unitranche credit facility in support of the acquisition. Ares Capital Management is leading the syndication.