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Thoma Bravo to acquire Ping Identity in $2.8bn deal

Thoma Bravo is to acquire Ping Identity, provider of the Intelligent Identity solution for the enterprise, for $28.50 per share in an all-cash transaction valued at an Enterprise Value of approximately $2.8 billion.

Thoma Bravo is to acquire Ping Identity, provider of the Intelligent Identity solution for the enterprise, for $28.50 per share in an all-cash transaction valued at an Enterprise Value of approximately $2.8 billion.

The offer represents a premium of approximately 63% over Ping Identity’s closing share price on 2 August, 2022, the last full trading day prior to the transaction announcement, and a premium of 52% over the volume weighted average price of Ping Identity stock for the 60 days ending 2 August, 2022.

The transaction, which was unanimously approved by the Ping Identity Board of Directors, is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including approval by Ping Identity shareholders and regulatory approvals. Closing of the transaction is not subject to any financing contingency. Upon completion of the transaction, Ping Identity’s common stock will no longer be listed on the New York Stock Exchange and Ping Identity will become a privately held company. The Company will remain headquartered in Denver, Colorado.

Vista Equity Partners, which owns approximately 9.7% of Ping Identity’s outstanding shares, has agreed to vote its shares in favour of the transaction.

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