Thoughtworks Completes Transaction to Go Private in $1.75 Billion Deal with Apax Funds
November 13 2024 - 7:49AM
Business Wire
Thoughtworks (NASDAQ: TWKS), a global technology consultancy
that integrates strategy, design and engineering, today announced
the completion of its acquisition by affiliates of certain
investment funds advised by Apax Partners LLP (“Apax Funds”).
The transaction, valued at approximately $1.75 billion, takes
Thoughtworks private. Under the terms of the agreement,
Thoughtworks’ stockholders will receive $4.40 per share in cash, a
48% premium over the volume-weighted average price of Thoughtworks
stock for the 30 days ending August 2, 2024, the last full trading
day prior to the transaction announcement.
With the transaction's completion, Thoughtworks’ shares will no
longer be publicly traded on NASDAQ and the company will now
operate as a privately held entity.
Mike Sutcliff, Thoughtworks’ Chief Executive Officer, said: “We
are pleased to finalize this partnership with Apax. As a private
company, we can now fully focus on our long-term strategy and
continue delivering world-class digital solutions to our clients
globally, while investing in our people and culture.”
Salim Nathoo, Partner at Apax and Non-Executive Director of
Thoughtworks, added: “We’re excited to support Thoughtworks through
its next stage of growth, leveraging its strong reputation for
solving complex technology problems for the world’s leading
enterprises, backing its unique talent and culture to help
businesses transform through technology.”
The deal’s closing marks a new chapter for Thoughtworks, as the
company seeks to accelerate innovation and expand its leadership in
AI-enabled software and data engineering services for enterprises
across industries.
Advisors
- Goldman Sachs & Co. LLC acted as the exclusive financial
advisor to Apax. Kirkland & Ellis LLP and Richards, Layton
& Finger, P.A. acted as legal counsel to Apax.
- Lazard acted as financial advisor to the Special Committee.
Kramer Levin Naftalis & Frankel LLP and Potter Anderson &
Corroon LLP acted as legal counsel to the Special Committee.
- Paul Hastings LLP acted as legal counsel to Thoughtworks.
Supporting resources:
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About Thoughtworks
Thoughtworks is a global technology consultancy that integrates
strategy, design and engineering to drive digital innovation. We
are over 10,000 Thoughtworkers strong across 48 offices in 19
countries. For 30 years, we’ve delivered extraordinary impact
together with our clients by helping them solve complex business
problems with technology as the differentiator.
About Apax Partners
Apax Partners LLP is a leading global private equity advisory
firm. For over 50 years, Apax has worked to inspire growth and
ideas that transform businesses. The firm has raised and advised
funds with aggregate commitments of almost $80 billion. The Apax
Funds invest in companies across three global sectors of Tech,
Services, and Internet/Consumer. These funds provide long-term
equity financing to build and strengthen world-class companies. For
further information about Apax, please visit www.apax.com. Apax is
authorized and regulated by the Financial Conduct Authority in the
UK.
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For Thoughtworks
Investor contact: Rob Muller, Head of Investor Relations
Email: investor-relations@thoughtworks.com Phone: +1 (312)
373-1000
Media contact: Linda Horiuchi, Global Head of Public
Relations Email: linda.horiuchi@thoughtworks.com Phone: +1 (646)
581-2568
For Apax: Gill Corish, Interim Head of Communications
Email: gill.corish@apax.com Phone: +44 7467994778
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