Advertisement
Canada markets open in 4 hours 31 minutes

  • S&P/TSX

    24,690.48
    +129.28 (+0.53%)
     

  • S&P 500

    5,841.47
    -1.00 (-0.02%)
     

  • DOW

    43,239.05
    +161.35 (+0.37%)
     

  • CAD/USD

    0.7249
    -0.0001 (-0.01%)
     

  • CRUDE OIL

    70.91
    +0.24 (+0.34%)
     

  • Bitcoin CAD

    93,658.60
    +654.57 (+0.70%)
     

  • XRP CAD

    0.76
    -0.00 (-0.51%)
     

  • GOLD FUTURES

    2,720.30
    +12.80 (+0.47%)
     

  • RUSSELL 2000

    2,280.85
    -5.82 (-0.25%)
     

  • 10-Yr Bond

    4.0960
    +0.0800 (+1.99%)
     

  • NASDAQ futures

    20,449.50
    +81.50 (+0.40%)
     

  • VOLATILITY

    19.19
    +0.08 (+0.42%)
     

  • FTSE

    8,369.41
    -15.72 (-0.19%)
     

  • NIKKEI 225

    38,981.75
    +70.56 (+0.18%)
     

  • CAD/EUR

    0.6686
    -0.0004 (-0.06%)
     

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

Reuters
·1 min read

Aug 22 (Reuters) - Private equity firm Thoma Bravo will complete its $2.3 billion acquisition of software firm ForgeRock 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)