Thoma Bravo to acquire US insurtech Majesco for higher price of $729m
Majesco, which provides cloud insurance software solutions, has been offered a sweetened price of $729 million for its takeover by private equity firm Thoma Bravo.
It can be recalled that the US insurtech company agreed to be acquired by the same private equity firm for $594 million or $13.1 per share in a deal signed in July. In the meanwhile, Majesco is said to have received an “unsolicited” bid from an undisclosed third party, which resulted in Thoma Bravo sweetening its offer to $16 per share.
The acquisition by Thoma Bravo will enable the New Jersey-based insurance technology provider to become a privately held company.
For Majesco, the financial advisor for the deal is Nomura Securities International, while Sheppard, Mullin, Richter & Hampton is serving as the legal advisor. On the other hand, Kirkland & Ellis is the legal advisor for Thoma Bravo.