BMC Software said Monday it will be acquired by a private investor group
led by Bain Capital and Golden Gate Capital together with GIC Special
Investments Pte Ltd and Insight Venture Partners in a transaction valued at $6.9
billion, or $46.25 per share in cash.
"BMC believes the opportunity to become a private company will provide
additional flexibility and position us to invest more strategically to drive
powerful innovation and deliver cutting edge customer solutions," said BMC Chief
Executive Officer Bob Beauchamp in a statement. "We look forward to working
closely with all parties to complete this transaction and enter into our next
chapter of growth and industry leadership."
There is no financing condition associated with the proposed acquisition,
officials said, adding Credit Suisse, RBC Capital Markets and Barclays have
agreed to provide debt financing in connection with the transaction.
The deal, which is expected to close later this year, is subject to approval
from BMC shareholders, regulatory approvals and other customary closing
conditions.
Under terms of the agreement, for a period of 30 calendar days, BMC may solicit
alternative proposals from third parties. The Houston-based company, which
specializes in business service management software, will announce fourth
quarter results for fiscal year 2013 on or before May 7, but due to the pending
transaction, BMC will not host an investor call, officials said.
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