UPDATE 1-Deltek to go private in $1.1 bln deal

Deltek’s stockholders will receive $13 a share, representing a 7 percent discount to Deltek’s stock price on Friday. Media reports that a deal might be in the works sent Deltek stock higher in recent weeks.

New Mountain Capital, which holds 59.5 percent of the company’s common stock, has agreed to the buyout. No further stockholder approval is required.

The sale of Herndon, Virginia-based Deltek, which provides enterprise software for government contractors, comes as the company returns to profitability after a lackluster 2011. Earlier this month it reported second-quarter operating income of $8.8 million, compared with a year-earlier loss of $1.9 million.

The deal requires regulatory approval, including under the Hart Scott Rodino Antitrust Improvements Act of 1976, and is expected to close during the fourth quarter.

Greenhill & Co acted as lead financial adviser to Deltek alongside Credit Suisse. Fried, Frank, Harris, Shriver & Jacobson served as a legal adviser to Deltek.

Jefferies & Co Inc advised Thoma Bravo, and Jefferies Finance LLC and RBC Capital Markets provided financing commitments. Kirkland & Ellis LLP served as legal adviser to Thoma Bravo.