(Alliance News) - Sophos Group PLC has agreed to a GBP3 billion takeover by US-based private equity firm Thoma Bravo LLC, the two announced on Monday.
Thoma Bravo has offered USD7.40, or 583 pence, per share. Cybersecurity company Sophos closed at 425.5p on Friday in London, meaning the offer price is at a 37% premium.
The price values Sophos, a member of the FTSE 250 index, at GBP3.01 billion, and gives it an enterprise value of GBP3.11 billion when including its debt.
Sophos listed on the London Stock Exchange in July 2015 with 225p share price and GBP1.01 billion market cap.
"It is the view of the Sophos board this is a compelling offer for Sophos shareholders which secures the delivery of future value for shareholders today. Thoma Bravo has deep sector expertise in cybersecurity software as well as a long and successful track record of partnering with and investing in its portfolio companies to support long-term growth and success," said Peter Gyenes, chair at Sophos.
"Under Thoma Bravo's ownership, we expect Sophos to accelerate its evolution and leadership in next-generation cybersecurity. The Sophos board believes this recommended offer delivers a significant opportunity for all stakeholders, our shareholders, customers, partners, and employees."
Thoma Bravo, which manages funds worth over USD35 billion, said Sophos is an "attractive opportunity" to increase its exposure to the cybersecurity market.
By George Collard; georgecollard@alliancenews.com
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