BMC Software‘s (NASDAQ: BMC) board of directors has agreed to sell the company to a private investor group led by Bain Capital and Golden State Capital for $6.9 billion cash, or $46.25 per share.
The transaction is subject to approval from BMC shareholders and regulatory approvals and the company expects the transaction to close later this year, BMC said Monday.
GIC Special Investments Pte Ltd. and Insight Venture Partners round out the group seeking to buy BMC.
Elliott Management has agreed to vote its 9.6 percent stake in BMC in favor of the sale, BMC says.
The agreement with the investor group contains a 30-day period where BMC may solicit alternative proposals for an acquisition.
BMC has hired Morgan Stanley & Co. and BofA Merrill Lynch as financial advisers and Wachtell, Lipton, Rosen & Katz as legal counsel for the sale.
Credit Suisse, RBC Capital Markets and Barclays will provide debt financing for the transaction, which contains no financing condition.