Mimecast to go private as Permira snaps up stock in $80 per share deal

Mimecast said on Tuesday that it has struck a deal that will see the global private equity firm Permira acquire all outstanding ordinary shares in the group for $80.0 each, a 16% premium to the stock's closing price on 27 October.

The all-cash transaction values the business at an equity value of approximately $5.8bn.

The transaction was expected to close in the first half of 2022, subject to customary closing conditions. Upon completion, Mimecast will become a privately held company and its ordinary shares will no longer be listed on any public market.

Chairman and chief executive Peter Bauer said: "Our team has done an outstanding job growing and expanding our relationships with customers and innovating our platform.

"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."

As of 1430 GMT, Mimecast shares were up 6.67% in pre-market trading at $80.0 each.