ForgeRock gets DoJ notice seeking information on Thoma Bravo’s $2.3bn go-private deal

ForgeRock said it had received notice from the U.S. Department of Justice demanding more information related to private equity firm Thoma Bravo’s $2.3bn buyout deal.

Thoma Bravo, which has invested in several software firms this year taking advantage of falling valuations, agreed to buy ForgeRock in October.

San Francisco-based ForgeRock provides identity and access management solutions for consumers, workforce and internet of things devices.

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Jablonsky has led a multi-year turnaround effort at Maxar since he was appointed CEO in January 2019, with the stock trading near $5 a share. The deal price with Advent is near the highs Maxar shares hit in early 2021, before dropping alongside other space stocks this year.

Shares of Maxar closed at $23.10 on Thursday, so the agreement with Advent at $53 a share represents a price nearly 130% above where the stock has recently traded.

“We’re really excited about it,” Maxar CEO Dan Jablonsky told CNBC. He said it would “allow us to invest even faster in the business, accelerate things like Legion seven and eight (satellites), and other technologies we’ve been developing.”

A key aspect of Maxar’s agreement with Advent is a 60-day “go-shop period,” which ends on Feb. 14, for the company to consider alternative proposals.

Because of that, Jablonsky noted that it’s “still very early days” for what the future of Maxar would look like under Advent. He declined to comment on whether the new owners may look to carve out Maxar’s businesses, in satellite imagery and manufacturing – or whether he’ll stay on.

“Love what we’ve built and what we’re doing here and probably can’t say a lot beyond that right now,” Jablonsky said.

Source: CNBC

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