Sophos Group, a company listed on the London Stock Exchange, where the Apax funds have an ownership interest, announces a $3.95bn recommended offer
Sophos Group, a world leader in cybersecurity solutions, announced on
14th October 2019 that it had reached agreement on the terms of a cash offer to
be made by Thoma Bravo at a price of $7.40 per share.
The acquisition values Sophos at an enterprise value of $3.95bn (£3.1bn at the
exchange rate at time of announcement), equivalent to a multiple of c.32x
Sophos’ unlevered free cash flow at the year ended 31 March 2019. This
represents a premium of c.37.1% to the closing price on 11th October 2019
and a c.45.6% premium to the daily weighted average share price during the six
months to 11th October 2019.
The transaction is subject to regulatory and shareholder approvals and is
expected to complete in Q1 2020. The Sophos Board of Directors have unanimously
announced their intention to recommend the offer, while certain Sophos
shareholders including holding companies affiliated with the Apax Funds,
have provided irrevocable undertakings to vote in favour of the offer.