Thoma Bravo’s approximately $6.9 billion all-cash acquisition of SailPoint closed on August 16, 2022. SailPoint shareholders were entitled to $65.25 in cash for each share; the $6.9 billion figure was the announced transaction value, not the per-share payout.
How much did Thoma Bravo pay for SailPoint?
When SailPoint announced the agreement on April 11, 2022, it described the transaction as worth approximately $6.9 billion. The stated consideration for shareholders was $65.25 in cash per share. Those figures answer different questions: $6.9 billion was the headline value of the acquisition, while $65.25 was the amount payable for each share under the agreement. SailPoint’s announcement characterized the per-share offer as a 48% premium to its 90-day volume-weighted average price (VWAP)—the average share price weighted by trading volume over that period.
Did the acquisition close?
Yes. The deal progressed from announcement to shareholder approval and then closing:
- April 11, 2022: SailPoint announced the definitive all-cash acquisition agreement.
- May 16, 2022: The 35-day go-shop period ended at 11:59 p.m. Eastern. SailPoint later reported that it had received no alternative acquisition proposals during the period.
- June 30, 2022: SailPoint announced that stockholders had approved the acquisition at a special meeting.
- August 16, 2022: Thoma Bravo announced that the acquisition had been completed. SailPoint common stock ceased trading and was to be delisted from the New York Stock Exchange.
The completion announcement confirmed that stockholders were entitled to $65.25 in cash per share. Thoma Bravo’s closing announcement is the key confirmation that this was not a transaction left pending after the 2022 announcement.
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What happened during the go-shop period?
The go-shop gave SailPoint an opportunity to seek and consider alternative acquisition proposals after signing the agreement. According to SailPoint’s later disclosure, no alternative proposal arrived during the 35-day period. The company’s definitive proxy statement says its financial adviser, Morgan Stanley, contacted 17 strategic counterparties and 24 financial-sponsor counterparties in connection with the process. These were contacts, not 41 offers; the proxy does not establish that each party submitted a bid.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the deal mean for shareholders?
The announced and closing consideration was $65.25 in cash for each share covered by the transaction. The 48% premium was SailPoint’s comparison with the stock’s 90-day VWAP, not a separate payment on top of $65.25. With the acquisition completed and SailPoint’s shares no longer trading on the NYSE, the deal’s terms should be understood as a historical 2022 transaction, not a current offer to public shareholders.
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