(Alliance News) - Darktrace PLC on Friday said it has agreed to an all-cash takeover offer worth USD5.32 billion from funds managed by private equity firm Thoma Bravo LP.
Cambridge, England-based Darktrace is a cybersecurity provider. Chicago-based Thoma Bravo focuses on software investments.
Thoma Bravo offered USD7.75 in cash per Darktrace share. This is equivalent to 620 pence, a 20% premium to Darktrace's close in London on Thursday. It also is more than double Darktrace's initial public offering price of 250p back in 2021.
Shares in FTSE 250-listed Darktrace were up 20% to 619.20p early Friday.
Darktrace directors will unanimously recommend the offer to shareholders, and Thoma Bravo already has commitments to accept from shareholders representing 14.4% of the company.
The offer values all of Darktrace's equity at USD5.32 billion and implies an enterprise value of USD4.99 billion, taking into account Darktrace's cash and borrowings. The acquisition will be conducted as a scheme of arrangement
Thoma Bravo "firmly believes that the acquisition will benefit Darktrace, Darktrace's customers, and the wider technology ecosystem through supporting the development of enhanced products and Darktrace's cybersecurity capability," the two companies said.
By Tom Waite, Alliance News editor
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