(Reuters) – U.S. private equity firm Thoma Bravo is adding Sophos Group to its cybersecurity stable, announcing on Monday a buyout deal that values the British maker of antivirus and encryption products at about $3.8 billion.
The takeover price of 583 pence per share represented a 37% premium from Sophos’s closing price on Friday and Sophos shares surged nearly 38% on news of the deal.
Sophos - Customers - Armour - Inc - Ford
Sophos, whose customers include Under Armour Inc , Ford Motor Co and Toshiba Corp , listed in 2015 at 225 pence per share and has seen its market value double since then, despite a tough 2018.
Thoma Bravo’s move for Sophos trails several other buyout deals by U.S. funds drawn toward the UK as the pound weakened ahead of Brexit.
Sophos - Group - Shareholders - Share - Cash
Sophos Group shareholders will get $7.40 per share in cash, which is 583 pence per share.
Shares of rival Avast also rose after the Sophos deal was announced.
Sophos - CEO - Kris - Hagerman - Reuters
Sophos CEO Kris Hagerman told Reuters that his company had first been approached by Thoma Bravo in June.
“The (Sophos) board ultimately concluded that this offer and the acquisition can accelerate Sophos’ progress in next-generation cybersecurity,” Hagerman said.
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