Reading's Falanx Cyber Security to sell cyber security division to Thetis Bidco
Reading-headquartered and AIM-listed Falanx Cyber Security Limited reported it had struck a conditional agreement to sell its Cyber Security division.
The company will dispose of its wholly-owned operating subsidiary Falanx Cyber Defence (FCD) and wholly-owned subsidiary Falanx Cyber Technologies (FCT) to Thetis Bidco Limited for a total enterprise value of £4.2 million, the firm revealed in a stock market statement.
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This will be payable, subject to working capital, net debt and intercompany balance adjustments, in cash.
Completion of the disposal is expected to take place in early December this year, subject to the approval of shareholders at an extraordinary general meeting (EGM).
Following completion, the net proceeds will be used to settle liabilities and effectively close the operational side of the remaining business.
The buyer Thetis Bidco is a private company and a wholly-owned indirect subsidiary of Thetis Topco, which itself is a subsidiary of Macquarie Capital Principal Finance, a division of Macquarie Group.
