ForgeRock gains amid report Thoma Bravo deal set to close after DOJ approves
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ForgeRock (NYSE:FORG) rose 6% amid reports that private equity firm Thoma Bravo plans to close its $2.3 billion acquisition of the identinty management firm this week.
The deal is set to close after the Justice Department, which had been reviewing the transaction for months, declined to challenge the combination, according to a Bloomberg report, which cited people familiar. Politico Pro also reported that the DOJ won't block the deal.
The DOJ declined to comment to Bloomberg. Spokespeople for Thoma Bravo and ForgeRock didn't immediately respond to requests for comment.
The news comes as a deadline of Tuesday for a timing agreement with the DOJ was set to expire, where Thoma Bravo was allowed to close the deal if the antitrust regulator didn't challegene the acquisition. 
ForgeRock (FORG) didn't immediately return an email from Seeking Alpha sent earlier Tuesday on the status of the deal. 
The DOJ decision to allow the deal comes after reports last month that the agency appeared to be leaning toward a lawsuit to block the transaction. The regulator was concerned that ForgeRock was too close a competitor to Ping, which Thoma Bravo acquired last year. 
The antitrust authority may have become less concerned with the ForgeRock deal due to competition from Microsoft (MSFT) in the cyber security secotr, according to recent reports. 
Investors had been concerned about the deal after ForgeRock said in December it received a request for more information from the DOJ in regard to its planned $23.25 per share sale to Thoma Bravo.

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