Thales, a global leader in cybersecurity, and Tesserent Limited, a provider of cybersecurity services in Australia and New Zealand, have reached an agreement for Thales to acquire 100% of Tesserent’s shares. The acquisition will be carried out through a Scheme of Arrangement for A$0.13 per ordinary share in cash, valuing Tesserent’s equity at A$176 million (circa €107 million).
The combination of Thales and Tesserent aims to meet the increasing demand for cybersecurity services in Australia and New Zealand, as the market is expecting double-digit growth until 2026. Tesserent will continue to operate under its existing name, but its visual identity will incorporate the “Cyber Solutions by Thales” tagline. It will become the lead cybersecurity offering of Thales Australia and New Zealand, leveraging Thales’ global scale, balance sheet, and expertise in the industry.
As a global leader in cybersecurity, Thales offers a comprehensive range of solutions throughout the cyber value chain. Its portfolio includes products and services for risk assessment, protection of critical infrastructure, threat detection, and response capabilities. In 2022, Thales’ cybersecurity products and services generated sales of €1.5 billion. The company focuses on three families of cybersecurity products and services, including global security products, sovereign protection products, and the Cybels solutions portfolio.
Kurt Hansen, CEO of Tesserent, expressed his excitement about the proposed transaction with Thales. He believes that joining forces with Thales will allow Tesserent to address the growing cybersecurity needs in Australia, including those of the government and defense sectors. Hansen sees this acquisition as an opportunity for Tesserent to expand its business and capabilities.
Jeff Connolly, CEO of Thales Australia, emphasized the acquisition’s significance for establishing an Australian/New Zealand leader in Cyber Defence. With the addition of Tesserent’s highly skilled team of cyber experts, combined with Thales’ system engineering experts, the company aims to protect the country and its national infrastructure from cyber threats. Connolly mentioned that the Tesserent team will benefit from global expertise and a strong balance sheet to provide sophisticated cybersecurity offerings to local businesses in a fragmented market.
The proposed acquisition has received recommendations from all members of the Tesserent Board. However, it is still subject to approval by Tesserent shareholders and the court. Additionally, the transaction is contingent upon regulatory approvals and other customary closing conditions. The parties expect to finalize the acquisition in the second half of 2023.
For more information about the proposed transaction, including key terms of the Scheme Implementation Deed and the indicative timetable, interested parties can refer to the link provided.