Thoma Bravo agrees to buy Darktrace for $5 billion
By Steve Goldstein
Fixes the spelling of private-equity firm Thoma Bravo.
Private-equity firm Thoma Bravo agreed to buy U.K. cybersecurity company Darktrace for $5 billion, in what would end the company's brief but rocky spell as a listed company.
Terms call for the private equity firm to pay 620 pence per share, a 20% premium to the close on Thursday.
Darktrace shares (UK:DARK) rose 18% to 602 pence.
The companies said the offer is 34 times Darktrace's adjusted EBITDA last year.
Thoma Bravo said the deal is a chance to increase its exposure to the large and growing cybersecurity market as it hailed Darktrace's self-learning artificial intelligence.
Darktrace went public in 2021 and rose as high as 985 pence before stumbling.
Darktrace going private will be another high-profile departure for the London Stock Exchange.
-Steve Goldstein
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04-26-24 0636ET
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