Kirkland & Ellis advised private equity firm Thoma Bravo on its agreement to buy cybersecurity and compliance company Proofpoint Inc. in a deal that values the business at about $12.3 billion.
Skadden, Arps advised Sunnyvale, Calif.-based Proofpoint on the transaction, which calls for Thoma Bravo to pay Proofpoint shareholders $176 per share in cash. Upon closing, expected in the third quarter, Proofpoint will become a private company, according to a statement.
Proofpoint says its corporate services include cloud-based threat and information protection and social media compliance, among others.
Chip Virnig, a partner at Thoma Bravo, said Proofpoint’s solutions help organizations protect their data and people across digital platforms from increasingly sophisticated cyberattacks.
“Proofpoint has established itself as a true powerhouse in the cybersecurity sector due to its innovative suite of market-leading products and impressive customer base of leading companies around the world,” Virnig said in the statement.
The agreement includes a 45-day “go-shop period” during which Proofpoint’s board can solicit and consider better offers from rivals.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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