Private equity firm Thoma Bravo united to shop for Sophos group Plc for $3.8 billion, taking British cybersecurity firm non-public within the biggest takeover of a U.K. technology firm this year.
Thoma Bravo pays $7.40 a share in cash, or 5.83 % per share, representing a premium of 37.1% to its last damage, the acquisition firm aforementioned in an exceeding statement Monday. Shares jumped the maximum amount as 38th in London on Monday and listed at 576 pence at 10:34 a.m.
The deal would be among the most important take-privates within the U.K. technology business in recent years and marks the most recent firm snapped up by an overseas client. each semiconductor designer ARM and Imagination Technologies — once flagship U.K.-listed firms — are bought by foreign investors.
A weak U.K. pound has conjointly fed into foreign patrons targeting native firms. Cross-border deals for U.K. firms jumped 66 within the third quarter compared to a similar amount in 2018, per knowledge, compiled by Bloomberg.
Thoma Bravo created an initial non-binding proposal in June 2019, Sophos Chief officer sticker Hagerman aforementioned in an interview once the announcement. Sophos hasn’t received the other offers, and also the Thoma Bravo bid that is the one that’s been bestowed and also the one that the board is recommending to shareholders, he said.
“We’ve been affected with each their data of the area and their expertise with the package and in cybersecurity,” Hagerman aforementioned. “That data which expertise which judgment of however does one partner with management teams” could be a “compelling work,” he said.