Private equity firms Clayton Dubilier & Rice and Permira have made a bid to acquire French cybersecurity specialist Exclusive Networks, in a deal that values the company at approximately €2.2bn ($2.4bn), according to a report by Bloomberg.
The binding offer is for €24.25 per share, which represents a 34% premium over the stock’s value in March, when reports indicated Permira, the controlling shareholder, was contemplating a privatisation. Under the terms of the deal, Exclusive Networks will issue a special payout of €5.29 per share and the buyout firms will then acquire the 67% stake held by Permira and company founder Olivier Breittmayer at €18.96 per share and launch a tender offer for the remaining shares at the same price.
The deal, which includes the refinancing of Exclusive Networks’ debt, with Breittmayer retaining a shareholder position post-privatisation, has been unanimously supported by the company’s board. Both the refinancing and the special distribution have been approved, and the board will further review the bid following the mandatory tender offer filing and an independent expert report.
The consortium anticipates acquiring the shares from Permira and Breittmayer and filing the tender offer at the beginning of 2025, as per a separate statement from the buyout firms.
In a statement late Tuesday, Exclusive Networks, which went public in September 2021 at €20 per share, reported an 11% rise in first-half gross sales on a constant currency basis.
