Dayforce's (DAY) agreement to be acquired and taken private by Thoma Bravo is considered a "good outcome" for shareholders, as it should enable the company to manage its current market and demand issues privately, away from the public eye, KeyBanc Capital Markets said in a report Friday.

Thoma Bravo offered to buy Dayforce in an all-cash deal valued at $70 per share, equal to an enterprise value of $12.3 billion, KeyBanc said, adding that the offer translates to an implied multiple of 16.3 times projected 2026 earnings before interest, taxes, depreciation and amortization, or 5.4 times revenue, which is in line with industry peers.

Dayforce said Thursday it expects the deal to close in early 2026.

KeyBanc has downgraded Dayforce shares to sector weight from overweight following Thoma Bravo's acquisition offer.

Price: 69.19, Change: +0.19, Percent Change: +0.28