Thoma Bravo, Darktrace agree on $5bn on deal in a blow to LSE

May 3, 2024 | News

It’s been one blow after another for the London Stock Exchange—this time, it’s a private equity deal for the U.K. cybersecurity firm Darktrace.

The Cambridge-based company agreed to be bought by the American Thoma Bravo in a deal worth £4.3 billion ($5.32 billion) on Friday. 

Thoma Bravo, an investment company with over $138 billion in assets under management, focuses exclusively on software deals. With its purchase of Darktrace, Thoma Bravo plans to fuel the growth of the AI and cybersecurity company founded in 2013.

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“This proposed offer represents the next stage in our growth journey, and I am excited by the many opportunities we have ahead of us,” CEO Poppy Gustafsson said in a statement.

This adds to a growing number of U.K.-listed companies that’ve been taken over by private equity groups. For instance, in October, Apollo Global Management, a U.S.-based private equity firm, bought the group behind restaurant chain Wagamama for £506 million, according to the Financial Times.

The Darktrace deal hasn’t been approved by shareholders yet, but if green-lit, the companies said the takeover would be tentatively completed by this year’s end.

Darktrace’s shares were up 17.6% as of 1 p.m. London time.

 

Source:Fortune

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