Vista Equity acquires Indian-owned TIBCO in $4.3b take-private
Tech-focused GP Vista Equity Partners has agreed to buy TIBCO Software, the US-listed business software provider founded by Indian entrepreneur Vivek Ranadivé, in a deal worth $4.3 billion including debt.
According to a company statement, Vista will acquire all outstanding TIBCO common stock for $24 per share in cash. The price represents a 26.3% premium to TIBCO's closing price on September 23, the day before news regarding a potential deal went public.
The enterprise value of the transaction represents more than 18x TIBCO's EBITDA for the 12 months ending August 31.The deal is still subject to approval by TIBCO stockholders and regulators as well as other customary closing conditions. It is expected to be completed in December.
"The sale of TIBCO to Vista will provide our shareholders with immediate and substantial cash value, as well as a compelling premium, and the Board has unanimously agreed that this transaction is in the best interests of all our stakeholders," said Ranadivé, who is chairman and CEO of the company, in a statement.
Established in 1997, TIBCO went public on NASDAQ in 1999. It claims to be leading provider of real-time infrastructure and business intelligence software. The company has around 400 customers and its products are used by governments and companies across the aviation, financial services, utilities, communications and manufacturing industries.
US-based Vista focuses on investments in software, data and technology-enabled companies and has over $13.5 billion in cumulative capital commitments,
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