NCC Group in £94m Cyber Security Deal
NCC Group has bought a European cyber security business focussing on security analysis and threat intelligence in a €133.25m (£93.5m) deal.
Chief executive Rob Cotton said the deal came at a time when “organisations globally are only now beginning to appreciate that they need to be proactive, not reactive, in dealing with cyber security”.
NCC Group has acquired Fox-IT Holding BV for a total consideration of £93.5m, with £76m paid in cash on completion and a further £7m in cash payable and £1.8m in NCC Group shares to be issued on the first and second anniversaries of completion. The transaction will be funded by a firm placing raising £63.1m gross, a placing and open offer raising £63.2m gross, as well as new multibank facilities comprising an £80m revolving credit facility and £30m term loan.
Headquartered in Delft in the Netherlands, the Fox Group provides a range of cyber security services including products, managed security services, advanced threat intelligence, forensics and incident response, sovereign cryptography and professional services.
Rob Cotton, NCC Group chief executive, said: “This is a unique opportunity to acquire a leading, substantial European cyber security business that focusses on security analysis and threat intelligence; at a time that organisations globally are only now beginning to appreciate that they need to be proactive, not reactive, in dealing with cyber security.
“Fox has an impressive reputation and brand with a high-quality client base, including government security departments and global organisations. The business also has a range of complementary professional and managed services and products which we aim to distribute internationally.
“The addition of Fox, with its quality management team, 250 technical security experts and personnel and high-assurance cryptology and forensics capabilities, enables us to take a further substantial step towards our aspiration of becoming the leading player in the expanding global cyber security market.”
Rickitt Mitchell was the lead adviser on the deal. Eversheds‘ Manchester and Amsterdam offices advised NCC Group with a team led by Daniel Hall and Miriam Van Ee. Deloitte provided financial due diligence on the transaction.Back to news