3 Firms Draw Up $2.4 Billion PE Tender Offer for Data Co. Talend
Kirkland is mentioned in Law360 regarding the Firm’s role in Thoma Bravo’s purchase of Talend SA.
Private equity firm Thoma Bravo has agreed to buy data technology firm Talend SA for roughly $2.4 billion, the companies said Wednesday, in a deal driven by law firms Wilson Sonsini, Gide Loyrette and Kirkland & Ellis.
The companies have entered into a memorandum of understanding that Thoma Bravo will launch a tender offer valuing Talend at $66 per share, or $2.4 billion in total, according to a statement. That per-share price represents a premium of about 29% to the company's closing price on Tuesday and an approximately 81% premium to Talend's average closing price over the last year.
Founded in 2006, Talend provides enterprise software to help businesses organize, integrate and analyze their data across traditional systems and cloud environments.
"Data has become critical to every facet of the world, and Talend's data fabric empowers organizations to operationalize their data," Chip Virnig, a partner at Thoma Bravo, said in Wednesday's statement. "Talend has built the leading cloud-native orchestration platform that helps organizations bring together all their data, wherever it may sit, to solve their most complex problems."
The agreement contains a 30-day "go-shop" provision that enables Talend to solicit alternate acquisition proposals, according to the statement. That period ends on April 10. Assuming no superior proposal is presented, the Thoma Bravo tender offer must be given the green light by Talend shareholders representing at least 80% of the company's outstanding ordinary shares and American depositary shares, the statement said.
The deal would also be subject to regulatory approvals and customary closing conditions. It has already been unanimously approved by the Talend board of directors. The tender offer is expected to close during the third quarter of this year.
"As we look forward, the transaction with Thoma Bravo – a firm with a successful track record of helping the companies it acquires achieve long-term, sustainable growth – will provide Talend with additional capital, resources, and expertise to execute against our mission and leverage a large market opportunity to help all organizations become data-driven," Talend CEO Christal Bemont said in the statement.
As a result of the transaction, Talend would no longer be publicly traded. The company went public through an initial public offering held in 2016.
Wilson Sonsini Goodrich & Rosati PC and Gide Loyrette Nouel AARPI are serving as legal advisers to Talend, with Qatalyst Partners acting as financial adviser.
Steve Camahort of Paul Hastings LLP represents Qatalyst Partners as financial adviser to Talend.
Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo, with a team led by corporate partners Corey Fox, Bradley Reed, Peter Stach and Vincent Ponsonnaille and associates Brett Nelson, Louis Gosset, Edwin Cruz, George Boden, Sophie Frishberg and Anna Metzger.
