Sydney-based aerial mapping company Nearmap’s $1.05 billion acquisition by US private firm Thoma Bravo will complete next week after Federal Court approval.
$1b Nearmap acquisition nears completion
Nearmap shares are set to be de-listed from the Australian Stock Exchange on Tuesday, as the aerial mapping firm’s $1.05 billion acquisition by a US private equity firm nears completion.
The Federal Court on Monday approved Nearmap’s takeover by Thoma Bravo, which is paying $2.10 per share for the Sydney-based company, a 67 per cent premium to its average share price over the past six months.
The court’s decision will be lodged with the Australian Securities and Investments Commission on Tuesday and the deal will complete on December 15.
Shareholders narrowly approved the scheme, 78 per cent to 22 per cent, in a November 25 vote. A 75 per cent majority was needed.