Arab Today, arab today cloud software firm bmc sold for 69bn
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Cloud software firm BMC sold for $6.9bn

Arab Today, arab today

Arab Today, arab today Cloud software firm BMC sold for $6.9bn

New York - AFP

A consortium of private equity groups announced a deal Monday to acquire enterprise software group BMC Software for $6.9 billion in cash. The group led by Bain Capital, Golden Gate Capital, GIC and Insight Venture Partners will pay $46.25 a share for the firm specializing in business and cloud management software. \"After a thorough review of strategic alternatives, the BMC board of directors is pleased to reach this agreement, which provides shareholders with immediate and substantial cash value, as well as a premium to our unaffected share price,\" said Bob Beauchamp, BMC chairman and chief executive. \"BMC believes the opportunity to become a private company will provide additional flexibility and position us to invest more strategically to drive powerful innovation and deliver cutting edge customer solutions.\" The deal culminates an effort by Elliott Management Corporation, which owns 9.6 percent of BMC, to press for moves to boost value for shareholders. \"As large and engaged stockholders, we are pleased to have played a constructive role in catalyzing this strategic move,\" said Jesse Cohn, a portfolio manager at Elliott. \"We think this is a tremendous outcome for BMC\'s employees, customers and stockholders.\" The agreement contains a provision that allows BMC to see alternative proposals over the next 30 days before a deal is finalized.

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