Mary-Louise Hoffman
Asset management firm TPG has agreed to buy the global governments and critical infrastructure business of Austin, Texas-based cybersecurity software provider Forcepoint.
Francisco Partners, the investment firm that acquired Forcepoint from Raytheon Technologies two years ago, will hold a minority stake in Forcepoint G2CI as part of the deal with TPG and will continue to own a controlling share of the software company’s commercial arm, the companies said Monday in a joint statement.
The G2CI business, led by Sean Berg, offers cross-domain technology products designed to help public sector and critical infrastructure customers protect data exchange across multiple networks.
“We’re confident that this partnership, along with continued support from Francisco Partners, will provide us the resources and expertise to strengthen our position as a partner of choice for government agencies,” Berg noted.
All parties expect to close the transaction in the fourth quarter, pending its regulatory review and other customary closing conditions.
Upon the deal’s closure, G2CI will operate as an independent entity with the backing of TPG Capital.
Citi and Barclays provided financial advisory services to Forcepoint and Francisco Partners in the sale process, while Paul Hastings acted as the legal adviser.
Piper Sandler and Davis Polk & Wardwell acted as TPG’s financial adviser and legal counsel, respectively.
The Wall Street Journal reported Sunday the deal is valued at $2.45 billion and that amount is “more than double” the price when Forcepoint was sold to Francisco.
