Darktrace agrees to be taken private by Thoma Bravo in $5.3m deal, shares surge By Investing.com

British cybersecurity company Darktrace announced on Friday that it has agreed to an all-cash acquisition by U.S. private equity firm Thoma Bravo for $5.31 million.

Following the announcement, Darktrace shares surged more than 17% in London trading.

Under the deal, investors will receive $7.75 in cash for each share held, as recommended by the company’s board.

The decision to go private marks a significant blow for the London Stock Exchange, where Darktrace was listed in 2021.

The company had been considered a vibrant addition to a market often seen as less attractive to tech firms compared to those in the U.S. or Asia, and dominated by traditional industries like mining and oil and gas.

Darktrace cited its perception of being undervalued in the U.K. as a key reason for the sale. Its board believes the company’s operational and financial “achievements” are not fairly reflected in its valuation, adding that its stock is trading “at a significant discount to its global peer group.”

Meanwhile, Thoma Bravo said that the takeover would help it grow its exposure to the large and rapidly expanding cybersecurity market and that its investment would aid in scaling Darktrace’s operations globally.

The acquisition price offers a 44.3% premium over Darktrace’s average volume-weighted share price for the three months leading up to April 25, per the release.