Thoma Bravo courts Nearmap with $1bn bid

By

Due diligence at “advanced stage”.

Australian aerial imaging company Nearmap may be sold to US private equity firm Thoma Bravo, revealing a potential takeover worth $1.06 billion.

Thoma Bravo courts Nearmap with $1bn bid

In an ASX filing [pdf], Nearmap said it received Thoma Bravo’s offer on July 6, and has since decided the offer is “credible and sufficient to grant non-exclusive due diligence access to Thoma Bravo”.

Now at an “advanced stage”, the process encompasses “all financial and other valuation-critical due diligence”.

Thoma Bravo has seven days’ exclusivity, which can be extended at both parties’ agreement.

Nearmap also said it had received “a number of other non-binding expressions of interest” in its business, none of which received board endorsement.

Nearmap is currently fending off a patent claim by rival EagleView first filed in March, and in May said [pdf] it had filed for four of EagleView’s patents to be invalidated.

 

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

Orica to set new workforce systems live in Australia in July

Orica to set new workforce systems live in Australia in July

Lion builds an app to detect its beers on tap in venues

Lion builds an app to detect its beers on tap in venues

ANZ Institutional readies go-live for "multi-agent chatbot" amie

ANZ Institutional readies go-live for "multi-agent chatbot" amie

Victoria Police refreshes online reporting

Victoria Police refreshes online reporting

Log In

  |  Forgot your password?