Thoma Bravo recently announced the purchase of QAD by 1,744 million euros, about 2 billion dollars. The transaction had been announced on June 27, 2021 and approved by the special meeting of shareholders of the acquired firm on November 2.
Subject to the terms of the final merger agreement, QAD shareholders will receive $ 87.50 per share of Class A or Class B common shares. The common shares have ceased trading and will be delisted from the Nasdaq Stock Market.
“The closing of this transaction is an important milestone in QAD’s history, and we are excited to begin the next phase of our company’s evolution.”said Anton Chilton, executive director of QAD. “I am very proud of what QAD has achieved since its founding and the momentum we have achieved in recent years. Now, with the experience, resources and support of Thoma Bravo, we are well positioned to build on that momentum, further expand our reach and enhance our value proposition for our customers. “.
High rate of change
“This is an exceptional opportunity to work with Anton and the excellent team at QAD to build on the company’s strong foundations and take the business to the next level.”said Scott Crabill, managing partner at Thoma Bravo. «Through this association, we are committed to investing in the continuous growth of QAD, advancing the vision of the company and driving sustainable value for all stakeholders ».
Peter Stefanski, Director of Thoma Bravo, added: “The pace of change facing global manufacturers today has never been higher. As new QAD partners, Thoma Bravo is committed to supporting the Company in its mission to enable its clients to rapidly adapt to disruption and innovate effectively to gain a competitive advantage.«.
Morgan Stanley & Co. LLC acted as financial advisor to the QAD special committee, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to the Special Committee. Manatt, Phelps & Phillips, LLP acted as legal advisor to QAD. Moelis & Company LLC acted as financial advisor and Paul Hastings LLP as legal advisor to Pamela Lopker. Barclays has acted as financial advisor and Kirkland & Ellis LLP has acted as legal advisor to Thoma Bravo.