Image courtesy Nearmap
Nearmap’s board has unanimously recommended that shareholders accept a $1 billion takeover bid from US software investment firm, Thoma Bravo.
Should the shareholders vote to accept the offer, they will receive $2.10 per share, a 67% premium on Nearmap’s six-month volume weighted average price (calculated as of 12 August 2022)
“The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market,” said Nearmap’s Chair, Peter James.
“The Board has carefully considered the advantages and disadvantages of the proposed Scheme and believes the offer price of $2.10 cash per share provides shareholders with certainty of value today for the potential of our business.
“Nearmap has achieved considerable success to date in Australia and North America and while, in the long-term, there remains potential future growth trajectory, this has to be balanced with the business and market risks that Nearmap shareholders face remaining as a publicly listed independent company.
“It is our view that the Thoma Bravo Scheme will realise attractive and certain value for shareholders in current markets.”
Nearmap’s Chief Executive Officer, Rob Newman, added that “Our business model is proven in Australia and our ambition to continue to grow rapidly in North America aligns well with Thoma Bravo’s future ambitions for the business.
“The proposal from Thoma Bravo is a strong demonstration of the success of our strategy and the capability of our people.”
“We are incredibly impressed by Nearmap’s thought-leadership and momentum in aerial imagery, data and analytics,” said Thoma Bravo’s Senior Partner, A.J. Rohde.
“We believe Nearmap’s insights are increasingly mission-critical to enterprises and the use cases rapidly evolving, as evidenced by the Company’s accelerating adoption with blue-chip customers in North America.
“We look forward to working closely with Rob Newman and the highly-innovative Nearmap team to continue scaling Nearmap in its next chapter as a private company.”
The transaction must meet Foreign Investment Review Board approval, as well as US competition/anti-trust clearance.
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