FORG - ForgeRock enters timing agreement with DOJ related to sale to Thoma Bravo

ForgeRock ( NYSE: FORG ) and Thoma Bravo entered into a timing agreement with the Dept. of Justice related to the agency's second request review of ForgeRock's planned sale.

ForgeRock and Thoma Bravo have agreed that they will certify compliance with the second request no earlier than May 1 and will not consummate the proposed acquisition less than 75 days after compliance with the second request, according to a statement. The expiration of the HSR waiting period is the only approval that remans outstanding before the deal can close.

Investors have been concerned about the deal after ForgeRock said in December it received a request for more information from the DOJ in regard to its $23.25 a share planned sale to Thoma Bravo. There's concern that DOJ may try to block the deal due to potential concentration in the identity management sector.

The Thoma Bravo deal for ForgeRock ( FORG ) followed the private equity firm agreeing to buy Ping Identity for $2.8 billion in August and SailPoint Technologies for $6.9 billion in April.

Last month Thoma Bravo agreed to buy application-software firm Magnet Forensics ( OTCPK:MAGTF ) for C$1.8 billion in cash.

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