Dayforce shareholders back Thoma Bravo’s $12.3 billion take-private deal

(Reuters) -Dayforce said that it has received an overwhelmingly positive stockholder vote ​for a proposed $12.3 billion buyout of the ‌HR software provider by Thoma Bravo, a month after its ‌largest shareholder said it would vote against the deal.

The preliminary results of a special meeting held on Wednesday showed that about 88.4% of votes were in favor ⁠of the Thoma ‌Bravo deal.

The software sector has emerged as an investment target due to resilient subscription ‍services and recurring revenue in an economy weighed down by a deteriorating labor market, trade tariffs and erratic spending.

T. ​Rowe Price Associates, with a 15.7% ‌stake in Dayforce, had in October said it would vote against the transaction, calling the offer “underwhelming” and an attempt to take advantage of “short-term pessimism” in the sector.

Thoma ⁠Bravo had agreed to buy Dayforce ​in August to strengthen its ​software portfolio as the private equity firm bets on recurring revenue business models to weather an ‍uncertain economic environment.⁠

The deal is expected to close late this year or early 2026. Dayforce shareholders will receive ⁠$70 per share in cash, under the terms of the merger.

‌(Reporting by Juby Babu in Mexico City;‌ Editing by Shailesh Kuber)