Cybersecurity firm Darktrace agrees $5.3bn sale to US private equity business

The Cambridge-based cybersecurity and artificial intelligence company Darktrace is likely to become the latest British technology champion to be swallowed up by a US suitor, after it agreed a $5.3bn (£4.2bn) sale to US private equity business Thoma Bravo.

Darktrace, whose co-founding investor Mike Lynch is now on trial for fraud and conspiracy in the US, agreed to an offer 44% higher than its average share price over the past three months.

Announcing the deal, the company fired a Parthian shot at the under-pressure London stock market, saying its technology, described as “cutting edge” by Thoma Bravo, had been undervalued.

In a statement to investors, the Darktrace board said that its “operating and financial achievements have not been reflected commensurately in its valuation, with shares trading at a significant discount to its global peer group”.

The comment will fuel fears that the FTSE is haemorrhaging prestigious company listings to the US, in search of greater fundraising potential. Recent departures include the chipmaker Arm Holdings, the gambling company Flutter and the building materials business CRH.

Shell has hinted it could leave the London stock market, while the miner Anglo American on Friday rejected an offer from the Australia-listed rival BHP but could yet succumb to a higher offer.

Darktrace said the offer from Thoma Bravo would give its shareholders certainty about the value of their shares and enable the company to grow in a “stable and private” setting.

Source: Theguardian