With Bloomberg reporting Thoma Bravo is looking to sell Compuware for $2 billion inclusive of debt, their 2014 take private has turned into quite the deal.
Pressured by activists, Compuware was taken private after a rough auction where few bidders emerged. Ultimately, TB lowered its initial bid and still won.
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Compuware had bought a cloud performance management company called Dynatrace for a few hundred million prior to the take private. TB split the business afterwards and eventually took it public.
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Ultimately, they put up an equity check of $675m. They’ve sold well over $600m of Dynatrace, which has performed well post IPO, and still own shares worth over $5bn. Judging BBGs report of Compuware’s auction there’s another $1bn of equity.
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We analyzed the deal as part of our cover story on Orlando Bravo and TB this fall:https://www.google.com/amp/s/www.forbes.com/sites/antoinegara/2019/10/02/meet-wall-streets-best-dealmaker-new-billionaire-orlando-bravo/amp/ …
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