Nearmap provides update on Non-Binding Indicative Proposal from Thoma Bravo and FY2022 results

Nearmap Ltd (ASX: NEA) announced that it has received a non-binding indication of interest from Thoma Bravo L.P to acquire 100% of the shares in Nearmap for AU$2.10 cash per share. Thoma Bravo is amongst the largest private equity firms in the world and has asset under management of over US$114 billion.

The Proposal at AU$2.10 cash per share implies a fully diluted equity valuation of ~ $1,055 million for Nearmap. It represents an 83% premium to NEA’s closing price of AU$1.15 on Tuesday 5 July 2022 and a 39% premium to NEA’s closing price of AU$1.51 on Friday 12 August 2022.

Currently, Thoma Bravo’s due diligence is in advanced stage and includes all financial along with other valuation-critical due diligence supporting the AU$2.10 Proposal, together with conclusion of quality of earnings.

Other than this, the Company also provided FY2022 financial update for period ended 30 June 2022.

• Group ACV portfolio is projected to be AU$159.9 million at constant currency.
• Group cash balance is likely  to be $93.7 million, subsequent utilisation of ~AU$20 million of capital raise proceeds during FY2022 (excluding litigation) to aid the growth of the business.

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