Private equity powerhouse Permira has agreed to purchase Mimecast for US$5.8 billion, making it the third pure-play email security provider to be acquired this year.
The US-based company said Permira has a strong track record of supporting portfolio companies’ growth ambitions and strategic goals and has in fact been a Mimecast customer for quite some time. The deal will deliver significant, immediate cash value to Mimecast’s shareholders, according to the company. The transaction is expected to close in the first half of 2022, Mimecast said.
“This transaction follows a strategic process overseen and directed by an independent Special Committee of the Board of Directors that included discussion with a number of strategic and financial third parties,” Special Committee Chair Robert Schechter said in a statement. “We … believe that this transaction is the best path forward for Mimecast and our stakeholders.”
Under the terms of the deal, Mimecast shareholders will receive US$80 per share in cash, representing a 16 percent premium over the company’s Oct. 27 closing share price. A Wall Street Journal article published later the same day disclosed details regarding Mimecast’s strategic review process.
Mimecast’s stock is up US$4.90, or 6.53 percent, to US$79.90 per share in pre-market trading Tuesday. That’s the highest Mimecast’s stock has traded since Nov. 30. Mimecast first went public in November 2015. The transaction includes a 30-day “go-shop” period, allowing Mimecast’s board to terminate the deal with Permira and enter a superior proposal from another suitor should an offer materialize by Jan. 6.
“Mimecast is widely recognized as an established leader and innovator in the email security space with a strong and growing position in the enterprise market,” Permira Principal Pierre Pozzo said in a statement. “We look forward to partnering with the Mimecast team to accelerate the prod ..
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