Nearmap provides high-quality aerial images, like this of flood damage in northeastern NSW in March. -PR Handout Image
Nearmap shares are set to be de-listed from the Australian Stock Exchange on Tuesday, as the aerial mapping firm's $1.05 billion acquisition by a US private equity firm nears completion.
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The Federal Court on Monday approved Nearmap's takeover by Thoma Bravo, which is paying $2.10 per share for the Sydney-based company, a 67 per cent premium to its average share price over the past six months.
The court's decision will be lodged with the Australian Securities and Investments Commission on Tuesday and the deal will complete on December 15.
Shareholders narrowly approved the scheme, 78 per cent to 22 per cent, in a November 25 vote. A 75 per cent majority was needed.
Some shareholders thought the price undervalued the business, which provides high-quality 3D aerial imagery captured by fixed-wing airplanes covering populated areas of Australia, the United States and New Zealand.
The images are available via subscription to a client base mainly consisting of insurance companies, roofing companies and local governments.
Chairman Peter James told shareholders at the scheme meeting "the company's innovation, entrepreneurial spirit and desire to employ businesses and organisations with richly detailed location information will no doubt remain under the stewardship of Thoma Bravo".
