KKR, Elephant Partners, KnowBe4 Defeat $4.6 Billion Buyout Case

KKR & Co., Elephant Partners, and KnowBe4 Inc. prevailed Wednesday in litigation over the cybersecurity firm’s $4.6 billion sale to a private equity group led by Vista Equity Partners Management LLC.

A Delaware Chancery Court judge dismissed the case, which targeted the acquisition by Vista and co-investors including KKR, Elephant, and KnowBe4 founder Sjoerd Sjouwerman. The consortium didn’t count as a control bloc meriting elevated legal scrutiny, and potential conflicts affecting the board were known to minority shareholders when they approved the deal, the judge found.

“There are no allegations that KKR or Elephant influenced the special committee’s ...