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Thales proposes acquisition of ASX-listed Tesserent Limited

Thales Australia and leading ASX-listed cyber security company Tesserent Limited have entered into a binding Scheme Implementation Deed for the proposed acquisition of 100 per cent of Tesserent shares.

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Tue, 13 Jun 2023
Thales proposes acquisition of ASX-listed Tesserent
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Under the proposal, the companies have indicated that Thales Australia would acquire 100 per cent of Tesserent shares valued at $0.13 per ordinary share in cash. The share scheme is subject to Tesserent shareholder and court approval.

The proposal values Tesserent’s equity at $176 million.

The acquisition has been unanimously recommended by Tesserent’s board of directors, who recommend shareholders vote in favour of the share scheme. The scheme is expected to be completed in the latter half of 2023.

As one of Australia and New Zealand’s leading cyber security companies, Tesserent turned over $185 million in calendar year 2022.

Thales hopes that the acquisition will enable the company to grow its cyber security footprint in the region, across government and Defence clients.

“With the acquisition of Tesserent and its highly skilled team of cyber experts, and combined with our own system engineering experts, Thales Australia will establish an Australian/New Zealand leader in cyber defence able to best protect the country and its national infrastructure from cyber threats,” Jeff Connolly, chief executive officer of Thales Australia, said.

“The Tesserent team will have access to global expertise and a strong balance sheet to provide local Australian and New Zealand businesses both a sophisticated and wide cyber security offering in a fragmented market.

“After the acquisition of S21sec, Excellium, and OneWelcome in Europe in 2022, we continue to accelerate our global cyber security strategy and consolidate our leadership in cyber security, both for critical infrastructure as well as multinational companies.”

Kurt Hansen, CEO of Tesserent, described the acquisition as a “great opportunity”.

“I am thrilled that, through the proposed transaction, Tesserent teams would be joining Thales, a global leader in cyber security. Together, we will address the growing cyber needs in our country, including those of the Australian government and defence sectors,” Hansen said.

“I am convinced this transaction would represent a great opportunity to further grow Tesserent’s business and its people.”

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