Thoma Bravo Acquires UK Cybersecurity Leader Darktrace in $5.3 Billion Deal
26 April 2024 at 06:13
American private equity firm Thoma Bravo has inked an agreement to acquire British cybersecurity giant Darktrace for $4.6bn. This all-cash transaction between Thoma Bravo and Darktrace, valued at $5.3bn, marks a pivotal moment for both companies and the cybersecurity sector at large.
The Darktrace acquisition, though pending shareholder approval, has already received the green light from the boards of both Darktrace and Thoma Bravo, signaling a strong vote of confidence in the deal's potential.
Immediately following the announcement, Darktrace's shares surged by over 19%, showcasing investor enthusiasm for the partnership.
Tech Titans Thoma Bravo and Darktrace Seal $4.6 Billion Cybersecurity Deal
Under the terms of the Darktrace acquisition, Darktrace shareholders stand to benefit substantially, receiving $7.75 (620p) for each share they hold. This represents a remarkable 44.3% premium compared to Darktrace's recent stock performance. Darktrace's board has expressed its belief that the company's operational and financial successes have not been adequately reflected in its valuation. Thus, the acquisition offer presents shareholders with an opportunity to realize fair value for their cash investments. Gordon Hurst, Chair of Darktrace, emphasized the attractiveness of the proposed offer, stating that it provides shareholders with certainty and fair value. Additionally, he highlighted the potential benefits of partnering with Thoma Bravo, a financial powerhouse with deep expertise in the software sector.The proposed acquisition will provide Darktrace access to a strong financial partner in Thoma Bravo, with deep software sector expertise, who can enhance the Company's position as a best-in-class cyber AI business headquartered in the UK", says Gordon Hurst.Darktrace, known for its cutting-edge artificial intelligence-driven cybersecurity solutions, has experienced a surge in demand for its services, leading to an upgrade in its revenue forecast for the fiscal year 2024.