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Permira To Take Mimecast Private Approximately $5.8 Bln All-cash Deal - Quick Facts

Mimecast Ltd. (MIME), a leading email security and cyber resilience company, announced Tuesday that it has entered into a definitive agreement whereby funds advised by private equity firm Permira will acquire the company.

Under the terms of the agreement, Permira will acquire all outstanding ordinary shares of Mimecast for $80.00 per share in an all-cash transaction that values Mimecast at an equity value of approximately $5.8 billion.

The deal, which was approved and recommended by an independent Special Committee, and then approved by the Mimecast Board of Directors, will see Mimecast shareholders receive $80.00 in cash for each ordinary share they own.

The purchase price represents a premium of approximately 16% to Mimecast's unaffected closing stock price on October 27, 2021, the last full trading day prior to reports on the company's strategic review process.

The agreement includes a 30-day "go-shop" period expiring on January 6, 2022. Mimecast will have the right to terminate the agreement to enter into a superior proposal.

The transaction is expected to close in the first half of 2022, subject to customary closing conditions, including approval by Mimecast shareholders and receipt of regulatory approvals.

Upon completion of the transaction, Mimecast will become a privately held company and the ordinary shares of Mimecast will no longer be listed on any public market.

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