October 14, 2022 | Technology | North America | Ended

KnowBe4 / Vista Equity Partners: Deal Insight

Cybersecurity training platform KnowBe4 has agreed to be taken private by Vista Equity Partners for $4.6bn, or $24.90 per share, the company announced on 12-Oct-22. The offer price represents a one-day premium of 15.3% and a 43.9% premium over the target’s undisturbed price on 19-Sep-22, before Vista had initially proposed a $24 per share buyout. KnowBe4 said its board and special committee unanimously approved the offer. Conditions include antitrust clearance and shareholder approval through four separate votes. HSR is the sole regulatory condition mentioned in the merger agreement and will be filed within 10 business days from the merger agreement, i.e., 24-Oct-22. The preliminary proxy is expected to be filed within 20 business days from the agreement, i.e., by 7-Nov-22. KnowBe4 is subjected to ‘no-shop’ restrictions, the termination fee is $138m, and the RTF is $276m. The deal is expected to close in 1H’23, facing a long-stop date of 11-Aug-23 ...

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