Email security and cyber resilience company Mimecast will become a privately-owned company through a deal with Permira valuing the firm at approximately $5.8bn (£4.3bn).
Under the terms of the agreement, Permira will acquire all outstanding ordinary shares of Mimecast for $80 per share that represents a premium of approximately 16% closing stock price on October 27, 2021, both parties said.
“Today is an exciting milestone for Mimecast as we begin a new chapter for our company,” said Peter Bauer, chairman and Mimecast CEO. “Our team has done an outstanding job growing and expanding our relationships with customers and innovating our platform.”
Permira is a UK-based private equity firm that claims to have backed more than 280 businesses globally with a total committed capital of €44bn (£33.2bn).
“Permira has a strong track record of collaboratively supporting companies’ growth ambitions and strategic goals, and we look forward to working together to further strengthen the cybersecurity and resilience of organisations around the world. This is a great outcome for our company and our shareholders,” Baurer said.
Permira partners Michail Zekkos and Ryan Lanpher, added: "We have long admired Mimecast, its management team and its talented employees. We look forward to leveraging our experience scaling global technology businesses as we partner with Peter and team on their next phase of growth."
The transaction, which is expected to close in the first half of 2022, has a 30-day “go-shop” period expiring on January 6, 2022.
