Darktrace Set for $5.3B Acquisition by Thoma Bravo

UK-based cybersecurity company Darktrace has entered into an agreement to be acquired by US private equity firm Thoma Bravo in a deal valued at approximately $5.3 billion. Thoma Bravo has offered to purchase Darktrace shares at 620p each, which is a 20% premium over the company's closing share price, translating to around $7.75 per share.

The acquisition is aimed at bolstering Thoma Bravo's presence in the rapidly expanding cybersecurity market, with plans to invest in Darktrace's growth and international expansion. Despite the premium offered, Darktrace's Board has expressed concerns that the company's financial and operational achievements may not be fully reflected in the valuation.

The transaction will be conducted through a court-sanctioned scheme of arrangement under the Companies Act and is subject to shareholder and regulatory approvals. Darktrace, known for its AI-driven cybersecurity solutions, serves over 9,400 customers worldwide. The acquisition by Thoma Bravo, which manages assets exceeding $138 billion, is seen as a strategic move to enhance the firm's software expertise and drive growth within Darktrace.