Image courtesy Nearmap

Nearmap has announced that it has received a non-binding indication of interest from Thoma Bravo, a US software investment firm, to acquire 100% of the company’s shares for $2.10 cash per share.

Thoma Bravo is one of the largest private equity firms in the world with more than US$114 billion in assets under management, investing in growth-oriented companies in the software and technology sectors.

Over the past 20 years, Thoma Bravo has acquired or invested in more than 380 companies representing over US$190 billion in enterprise value.

In an ASX statement on 15 August, the Board of Nearmap said that it had “determined the Proposal received on 6 July 2022 to be credible and sufficient to initially grant non-exclusive due diligence access to Thoma Bravo”.

That due diligence is now “at an advanced stage and encompasses all financial and other valuation-critical due diligence supporting the $2.10 Proposal, including completion of quality of earnings”.

The bid values Nearmap at approximately $1.055 billion and represents:

• An 83% premium on Nearmap’s closing price of $1.15 on 5 July 2022 (the day prior to the initial receipt of the proposal);
• A 67% premium on Nearmap’s 6-month volume weighted average price of $1.26 to 12 August 2022
• A 39% premium to Nearmap’s closing price of $1.51 on Friday 12 August 2022.

Nearmap said that it had also received “a number of other non-binding expressions of interest for Nearmap, none of which were considered by the Nearmap Board to be in the best interests of shareholders”.

The company is being advised by Citigroup Global Markets Australia Pty Limited and DLA Piper Australia.

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