Latham Represents Lenders in Financing of Thoma Bravo’s US$3.9 Billion Acquisition of Sophos

Cross-border finance team advises lenders in take-private of leading cybersecurity company.

March 27, 2020

Thoma Bravo, a leading private equity firm focused on the software and technology-enabled services sectors, has completed its acquisition of Sophos, a global leader in next-generation cybersecurity. The cash transaction values Sophos at approximately US$3.9 billion.

Latham & Watkins advised a syndicate of international investment banks led by Goldman Sachs on the US$1.53 billion equivalent first lien term loan and US$125 million revolving credit facilities and a club of direct lenders comprising Owl Rock Capital, Ares Capital, and PSP Investments on the US$420 million second lien facility provided in connection with the acquisition. 

The first lien lenders were advised by New York finance partner Alf Xue, with counsel Bryce Schunke and associates Lillian Xiao and Gloria Torres Zavaleta, and London finance partners Mo Nurmohamed and Manoj Bhundia, with associate Carry Chen and trainee Hadi Najem. The second lien lenders were advised by New York finance partners Chris Plaut and David Teh, with associates Aditi Sharma, Michael Waldman, and Katherine Page, and London finance partner Stephen Kensell, with associate Robert Davidson. Advice was also provided on M&A matters by London partner Richard Butterwick, with associate Ben Coleman; on tax matters by New York partner Jiyeon Lee-Lim, with associate Amy Robertson, and London partner Karl Mah, with associate Magdalena Nasuto.

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