Thoma Bravo Buying Talend SA (TLND) For $2.4 Billion

By Amit Chowdhry ● March 10, 2021
  • Talend announced a deal with Thoma Bravo under which the private equity firm will commence a tender offer to buy all the outstanding ordinary shares and ADSs of Talend for $66 per ordinary share, valued at $2.4 billion

Talend (NASDAQ: TLND) – a leader in data integration and data integrity – announced that it has entered into a memorandum of understanding with Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, under which Thoma Bravo intends to commence a tender offer to acquire all of the outstanding ordinary shares and American Depositary Shares (ADSs) of Talend for $66 per ordinary share and ADS (each ADS representing one ordinary share) in cash. 

The offer – which values Talend at approximately $2.4 billion – represents a premium of approximately 29% to Talend’s closing price on March 9 and an 81% premium to the volume weighted average price over the last 12 months. And the Talend Board of Directors unanimously approved the memorandum of understanding.

Subject to and upon completion of the transaction, Talend would become a private company and continue investing in its cloud transition as well as products and solutions that serve the evolving data needs of its customers.

Under the terms of the binding memorandum of understanding, Thoma Bravo is going to initiate a cash tender offer of $66 per Talend ordinary share and ADS, subject to certain conditions. And this offer values Talend at approximately $2.4 billion (or approximately €2.1 billion), including net debt.
The agreement includes a 30-day “go-shop” period expiring on April 10, 2021 – which permits Talend’s Board and advisors to solicit alternative acquisition proposals. And Talend has the right to terminate the memorandum of understanding to enter into a superior proposal subject to certain terms and conditions of the memorandum of understanding.

KEY QUOTES:

“We are pleased to move forward with Thoma Bravo, as the transaction will deliver compelling and certain cash value to Talend shareholders and significant strategic, long-term benefits for our customers, employees, and other stakeholders. Our Board is focused on driving shareholder value and has periodically evaluated potential transaction alternatives in the context of our standalone plan over the past several years. With the successful advancement of our transformation effort led by our CEO over the past year, the Talend Board and management team conducted a targeted process with potential financial and strategic parties to determine the best path forward for the Company. We believe the transaction with Thoma Bravo validates the Talend team’s success in building a data market leader.”

— Steve Singh, Chairman of the Board of Talend

“The last twelve months have underscored the importance of digital transformation and the unique and vital role Talend plays in ensuring enterprises can trust the data fueling their business. I am pleased with how the team has executed through the challenges of 2020 and successfully delivered on the strategic initiatives and targets we laid out a year ago. As we look forward, the transaction with Thoma Bravo – a firm with a successful track record of helping the companies it acquires achieve long-term, sustainable growth – will provide Talend with additional capital, resources, and expertise to execute against our mission and leverage a large market opportunity to help all organizations become data-driven. I want to thank the Talend team for their dedication to our company and customers; it is the incredible women and men of Talend who have helped build a leading platform and made this exciting transaction possible.”

— Christal Bemont, Chief Executive Officer of Talend

“We are thrilled to partner with the management team at Talend to continue to build upon their leadership position in the cloud data integration market. We are confident we can apply our experiences working with market-leading software companies to accelerate Talend’s growth and complete its transition to the cloud.”

— Seth Boro, a Managing Partner at Thoma Bravo

“Data has become critical to every facet of the world, and Talend’s data fabric empowers organizations to operationalize their data. Talend has built the leading cloud-native orchestration platform that helps organizations bring together all their data, wherever it may sit, to solve their most complex problems.”

— Chip Virnig, a Partner at Thoma Bravo