(Bloomberg) – Stamps.com Inc., the online postal company, has agreed to be acquired for $ 6.6 billion in cash by private equity firm Thoma Bravo.
The purchase price of $ 330 per. The stock is down 67% from Stamps.com’s Thursday price, the companies said in a statement Friday. The stock had stalled so far this year with a rise of 0.8% but rose 135% last year.
Stamps.com shares jumped as much as 64% to $ 323.62 in New York trading on Friday.
The deal includes a 40-day “go-shop” deal that allows Stamps.com to seek a higher offer, the companies said.
Thoma Bravo has carved a niche in the buyout industry with a focus on cloud software companies that draw stable, recurring sales in the form of subscriptions. The company makes operational adjustments with light pressure to the companies it acquires, and usually keeps the current management in place and concentrates on growth rather than cost savings.
In this way, companies praised the experience of Stamps.com̵
JP Morgan Securities and law firm Proskauer Rose advised Stamps.com, while Kirkland & Ellis provided legal advice to Thoma Bravo. Paul Hastings LLP advised Blackstone Credit, Ares Management Corp. and PSP Investments Credit II USA on the debt financing for the agreement.
(Updates with shares in third paragraph.)
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