Thoma Bravo to close $2.3 bln ForgeRock deal after DOJ nod - Bloomberg News

ForgeRock

22/08/2023 19:08

Aug 22 (Reuters) - Private equity firm Thoma Bravo will
complete its $2.3 billion acquisition of software firm ForgeRock
 FORG.N  after the U.S. Department of Justice declined to
challenge the deal, Bloomberg News reported on Tuesday citing
people familiar with the decision.
    The transaction could close as early as this week, the
report added.
    Anti-trust lawyers from the Justice Department had launched
a probe over concerns the acquisition would hurt competition in
identity management and related software space.
    The companies approached top officials from the department
last month and also moved its antitrust review deadline to Aug.
22, giving the agency more time to consider additional
information for its decision, the Bloomberg report said.
    Thoma Bravo agreed to buy ForgeRock at $23.25 per share in
October and had said at the time it expected the deal to close
in the first half of 2023.
    The Justice Department declined to comment. ForgeRock and
Thoma Bravo did not immediately respond to Reuters' requests for
comment.
    The Biden Administration has taken a strong position against
mergers and acquisitions which it thinks hurts competition in
the market. Thoma Bravo also owns one of ForgeRock's main
competitors, Ping Identity.
    San Francisco-based ForgeRock provides identity and access
management solutions to enterprises.

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Zaheer.Kachwala@thomsonreuters.com;))