Thoma Bravo agreed to buy Barracuda Networks in an all-cash transaction announced on November 27, 2017, with an announced value of $1.6 billion. Eligible Barracuda common shareholders were offered $27.55 per share. Thoma Bravo completed the acquisition on February 12, 2018, taking Barracuda private. KKR later acquired Barracuda from Thoma Bravo, completing that transaction on August 16, 2022; the financial terms of the KKR deal were not disclosed in the completion announcement.
What Thoma Bravo paid for Barracuda
The announced transaction value was $1.6 billion, and the consideration for each eligible Barracuda common share was $27.55 in cash. The $1.6 billion figure is the stated value of the overall transaction; it should not be treated as interchangeable with the per-share consideration.
Barracuda’s November 27, 2017 announcement said the offer represented a 22.5% premium to the company’s $22.49 average closing price over the 10 trading days before the announcement. Barracuda’s later SEC proxy used different reference periods: approximately 21.5% above the 30-day average through November 24, 2017 and approximately 16.3% above Barracuda’s November 24 closing price.
| Reference point | Premium to the $27.55 offer |
|---|---|
| 10-day average before November 27, 2017 | 22.5% |
| 30-day average through November 24, 2017 | Approximately 21.5% |
| November 24, 2017 closing price | Approximately 16.3% |
These percentages describe different comparisons, so they are not contradictory. The relevant trading-price period must accompany any premium figure.
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How the acquisition unfolded
- November 26, 2017: Barracuda entered into a merger agreement with Project Deep Blue Holdings, LLC and Project Deep Blue Merger Corp., entities formed by a Thoma Bravo affiliate.
- November 27, 2017: Barracuda publicly announced the proposed all-cash acquisition, valued at $1.6 billion, at $27.55 per eligible share.
- February 12, 2018: Thoma Bravo announced that it had completed the acquisition. Barracuda became privately held.
- April 12, 2022: Barracuda announced a definitive agreement for KKR to acquire the company from Thoma Bravo. The announcement did not disclose financial terms.
- August 16, 2022: Barracuda announced that KKR had completed its acquisition. Barracuda and KKR again stated that the financial terms were not disclosed.
What approvals and financing were required?
The SEC filing described committed financing consisting of equity from Thoma Bravo-affiliated funds and debt financing from Goldman Sachs, Credit Suisse and UBS. The transaction was not subject to a financing condition.
Closing still depended on customary conditions, including Barracuda shareholder approval, applicable legal and regulatory clearances, completion of required waiting periods under the Hart-Scott-Rodino Act, and regulatory approval in Germany and Austria.
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What Barracuda did at the time
In Thoma Bravo’s 2018 completion announcement, the buyer described Barracuda as a provider of cloud-enabled security and data protection. Its products covered email security and management, network and application security, and data protection for cloud and hybrid environments. Thoma Bravo said Barracuda served more than 150,000 customers worldwide at completion; that was a company-reported figure, not an independently audited statistic.
Barracuda chief executive BJ Jenkins said the proposed deal would provide an opportunity to accelerate growth with the company’s security platform for distributed, diverse cloud and hybrid environments, while continuing to offer easy-to-use solutions that could be deployed according to customers’ needs. That statement described management’s rationale for the transaction, not an independent finding about its eventual effects.
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What happened after Thoma Bravo’s ownership?
Barracuda announced in April 2022 that KKR had agreed to buy the company from Thoma Bravo, and the acquisition closed on August 16, 2022. The completion announcement did not state a purchase price or other financial terms. Accordingly, the documented $1.6 billion figure applies to Thoma Bravo’s 2017 announced acquisition, not to KKR’s later purchase.
Barracuda’s 2022 sale announcement characterized its Thoma Bravo period as one involving product expansion, acquisitions, operational improvements and profitable growth. Those descriptions were company claims in the sale announcement. The available transaction announcements do not establish independent returns for investors, post-deal employee outcomes or measurable customer effects.
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Key facts at a glance
| Question | Answer |
|---|---|
| How much was Thoma Bravo’s deal worth? | $1.6 billion announced value, all cash |
| What did eligible shareholders receive? | $27.55 cash per share |
| When was the deal announced? | November 27, 2017 |
| When did Thoma Bravo complete it? | February 12, 2018 |
| Who acquired Barracuda later? | KKR, with completion announced August 16, 2022 |
| Were KKR’s financial terms disclosed? | No, not in the completion announcement |
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