Latham & Watkins Advises on Financing for Thoma Bravo’s Acquisition of Medallia

The recurring-revenue unitranche loan is the largest of this structure to date.

August 04, 2021

Medallia, Inc., a global leader in customer and employee experience, has announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, in an all-cash transaction that values Medallia at US$6.4 billion. According to LCD News, the recurring-revenue unitranche loan is the largest of this structure to date.

Through this transaction, Medallia will become a private company with additional resources and greater flexibility to build on its innovation leadership and expand its customer impact. Additionally, the transaction will allow Medallia to benefit from the operating capabilities, capital support and deep sector expertise of Thoma Bravo – one of the most experienced and successful software investors in the world. The transaction is expected to close in 2021, subject to customary closing conditions, including approval by Medallia shareholders and receipt of regulatory approvals.

Latham & Watkins LLP represents Blackstone Alternative Credit Advisors as the lead lender, as well as credit arms of Apollo and KKR, and Antares, in a financing in connection with the transaction with a banking team led by New York partners Chris Plaut and David Teh, with associate Michael Waldman.

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