Private equity firm Thoma Bravo is acquiring RealPage in an all-cash transaction valuing the real estate data analytics company at $10.2 billion, including debt. The purchase price is $9.6 billion, according to the Wall Street Journal.
Once the deal is complete, Chairman and CEO Steve Winn and the existing RealPage leadership team will continue to run the company. In prepared remarks, Winn said that the acquisition will allow RealPage to deliver even better products and services to clients and partners.
Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8% over RealPage's closing stock price of $67.83 on Dec. 18, 2020.
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The RealPage Board of Directors has unanimously approved the agreement and recommends that RealPage stockholders vote in favor of the transaction at the special meeting of RealPage stockholders to be called in connection with the transaction.
The terms of the agreement also allow for a 45-day go shop period.
Consolidation in the CRE Service Sector
Consolidation in the CRE service sector is a trend that is expected to continue and expand in 2021.
RealPage is among the big four of the software sector, which also includes Yardi, MRI and Skyline. Joseph Ori,executive managing director of Paramount Capital Corp., predicts that the industry will see more consolidation as the larger and well-capitalized firms gobble up their smaller competitors.
"The same consolidation will occur with the data analytics firms and look for the large software firms to be key buyers of the larger data analytic firms," he wrote weeks before this deal was announced.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
