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Sunday, July 12, 2020 6:00:01 PM
(Reuters) - Private equity firm Thoma Bravo LLC is acquiring Ellie Mae Inc for $3.7 billion, the mortgage software company said on Tuesday.
Ellie Mae shareholders will receive $99 in cash for each share they hold, representing a premium of 21 percent to the stock's Monday closing price.
Ellie Mae shares jumped 21 percent to $99.10 in early trade following the news.
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The Pleasanton, California-headquartered company provides a cloud-based platform for the mortgage finance industry and enables lenders to originate loans. Its partners include Equifax Inc, Genworth Mortgage Insurance, Fannie Mae, and Freddie Mac.
The deal, which includes a 35-day period in which Ellie Mae can solicit buyout offers from other parties, will likely close in the second or third quarter of 2019, Ellie Mae said in a statement.
JPMorgan was Ellie Mae's financial adviser and Jefferies advised Thoma Bravo. Cooley LLP gave legal advice to Ellie Mae, while Thoma Bravo was advised by Kirkland & Ellis.
Jefferies provided financing for the deal.
https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKCN1Q11KM
JP.Morgan also. hmmmmm Seems like it worked out ok, no?
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