RealPage (NASDAQ:RP) said on Monday it would be bought by private-equity firm Thoma Bravo in an all-cash transaction that valued the property management software provider at about $10.2 billion, including debt.
Thoma Bravo is paying $88.75 per share for RealPage, representing a premium of 30.8% over RealPage’s closing stock price on Friday, U.S.-based RealPage said in a statement.
Upon completion of the deal, RealPage expects to continue operating under the leadership of chairman and Chief Executive Officer Steve Winn.
"We believe this transaction will provide immediate and substantial value to RealPage stockholders," Winn said in the statement.
The transaction is expected to be completed in the second quarter of 2021, after which RealPage will become privately held.
Thoma Bravo had more than $73 billion in assets under management as of Sept. 30.
"RealPage’s industry leading platform is critical to the real estate ecosystem and has tremendous potential going forward," said Orlando Bravo, Founder and a Managing Partner of Thoma Bravo.
"Our firm has a track record of acquiring cutting edge software providers to specialized industries and driving their innovation and growth while remaining true to their core business and customers. Together, RealPage and Thoma Bravo can partner to grow the company’s market offerings and enhance its current capabilities to capitalize on the increasingly complex and expanding real estate market."
RP shares rocketed $20.37, or 30%, in Monday’s first hour, to $88.20.
