RTTNews | Jul 20, 2020 09:36AM EDT

09:36 Monday, July 20, 2020 (RTTNews.com) - Insurance software company Majesco (MJCO) announced Monday that it has signed a definitive agreement to be taken private by private equity firm Thoma Bravo, L.P. in a transaction valuing the company at $594 million.

Under the terms of the agreement, all Majesco shareholders of record will receive $13.10 in cash for each share of Majesco common stock upon closing of the transaction. The price represents a premium of approximately 74% over Majesco's average closing price during the 30-trading day period ended July 17, 2020.

The proposed merger, unanimously approved by Majesco's Board of Directors, is expected to close on or before the end of 2020. It is subject to the approval of Majesco shareholders and the approval of the shareholders of Majesco's parent company, Majesco Limited.

Majesco Limited's Board of Directors has also unanimously approved the divestment of Majesco and recommended to its shareholder to approve the transaction. Upon completion of the transaction, Majesco expects to continue to operate under the leadership of CEO Adam Elster and the existing Majesco Leadership Team. Following the closing of the transaction, Majesco will operate as a privately held company.

Read the original article on RTTNews ( https://www.rttnews.com/3112395/majesco-to-be-taken-private-by-thoma-bravo-for-13-10-per-share-in-cash-quick-facts.aspx)

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