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ForgeRock Inc (NYSE:FORG) stock gained after a report indicated that Thoma Bravo LLC is set to finalize its acquisition of ForgeRock valued at $2.3 billion, following the U.S. Justice Department's decision not to contest the merger.
Notably, concerns included the potential stifling competition within customer-facing identity management software.
Thoma Bravo, the private equity powerhouse, already possesses significant influence in this sector, owning ForgeRock's direct rival – Ping Identity Holding Corp (NYSE: PING).
Additionally, the firm made headlines last year with the acquisition of SailPoint Technologies Holdings Inc (NYSE: SAIL), another significant player in the industry.
These accumulated holdings under the Thoma Bravo umbrella raised eyebrows among antitrust advocates, prompting deeper scrutiny by the Justice Department, Bloomberg reports.
In July, representatives from the involved companies convened with high-ranking officials from the Justice Department to sidestep potential legal roadblocks. The regulators extended the review deadline to facilitate a more thorough deal evaluation.
Thoma Bravo initially unveiled its intentions to acquire ForgeRock for $23.25 per share in October. Following this, two months later, news broke regarding the Justice Department's interest in probing the acquisition.
During the Biden administration, there's been a heightened focus on monitoring private equity dealings, especially in the context of "roll-ups."
Price Action: FORG shares traded higher by 5.99% at $23.19 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: FORG
