Qlik Bought by Thoma Bravo in Deal Valued at $3 Billion

  • Activist Elliott had pushed for a sale of software company
  • Ares Capital leads $1.1 billion in financing for deal

Qlik Technologies Inc., an enterprise software company, agreed to be bought by private equity firm Thoma Bravo in an all-cash deal valued at about $3 billion.

According to terms of the agreement announced Thursday, Qlik shareholders will get $30.50 in cash for each share of Qlik common stock they hold. The price is a 40 percent premium to the company’s unaffected 10-day average stock price prior to March 3.

The company’s shares climbed 3.8 percent Thursday to $30.08 at the close in New York. They declined 8.5 percent this year through Wednesday.

Qlik’s software helps companies analyze and share data for better insight into business patterns -- an area technology giants from International Business Machines Corp. to Oracle Corp. have been investing in. In March, the company was targeted by activist Elliott Management Corp., which disclosed an 8.9 percent stake and said it initiated talks with the company about strategic and operational opportunities. Elliott said then that Qlik was “significantly undervalued.”

The company, which will keep its headquarters in Radnor, Pennsylvania, had been seeking potential buyers and received preliminary offers from Bain Capital and Permira in addition to Thoma Bravo, people familiar with the discussions said in April.

Ares Capital Corp. is leading $1.1 billion of financing for the deal in a so-called unitranche loan that combines senior and junior debt into one instrument, the firm said. Ares Capital will be holding a large portion of the financing, which is the biggest such loan arranged by a business development company, it said.

In a separate campaign, Elliott targeted American Capital Ltd. in November -- urging a strategic review that led to the asset manager being acquired by Ares Capital, those companies announced last week.

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