Thoma Bravo’s acquisition of Barracuda Networks was announced on November 27, 2017, as an all-cash transaction valued at $1.6 billion. Eligible Barracuda shareholders were offered $27.55 per share. Thoma Bravo completed the deal on February 12, 2018, but it is not Barracuda’s current owner: KKR completed its acquisition of Barracuda in August 2022.
What was the deal worth, and what did shareholders receive?
Barracuda said the proposed transaction was valued at $1.6 billion. That is the announced value of the transaction; the specific consideration offered to eligible holders of Barracuda common shares was $27.55 in cash per share. The two figures describe different aspects of the deal and should not be treated as interchangeable.
The announcement described the offer as a 22.5% premium to Barracuda’s $22.49 average share price over the 10 trading days before November 27, 2017. Barracuda’s later proxy statement used other comparison periods: it put the $27.55 offer approximately 21.5% above the 30-day average through November 24, 2017, and approximately 16.3% above the November 24 closing price. These percentages differ because their reference prices differ.
Barracuda’s November 27, 2017 announcement filed with the SEC states the transaction value, per-share cash consideration, and 10-day comparison. The SEC proxy statement gives the 30-day and November 24 comparisons.
#1 Best Overall
- DUAL-BAND WIFI 6 ROUTER: Wi-Fi 6(802.11ax) technology achieves faster speeds, greater capacity and reduced network congestion compared to the previous gen. All WiFi routers require a separate modem. Dual-Band WiFi routers do not support the 6 GHz band.
- AX1800: Enjoy smoother and more stable streaming, gaming, downloading with 1.8 Gbps total bandwidth (up to 1200 Mbps on 5 GHz and up to 574 Mbps on 2.4 GHz). Performance varies by conditions, distance to devices, and obstacles such as walls.
- CONNECT MORE DEVICES: Wi-Fi 6 technology communicates more data to more devices simultaneously using revolutionary OFDMA technology
- EXTENSIVE COVERAGE: Achieve the strong, reliable WiFi coverage with Archer AX1800 as it focuses signal strength to your devices far away using Beamforming technology, 4 high-gain antennas and an advanced front-end module (FEM) chipset
- OUR CYBERSECURITY COMMITMENT: TP-Link is a signatory of the U.S. Cybersecurity and Infrastructure Security Agency’s (CISA) Secure-by-Design pledge. This device is designed, built, and maintained, with advanced security as a core requirement.
How the acquisition was structured
Barracuda entered into the merger agreement on November 26, 2017, with Project Deep Blue Holdings, LLC and Project Deep Blue Merger Corp., entities formed by a Thoma Bravo affiliate. The company announced the agreement the following day.
The SEC filing described committed equity financing from Thoma Bravo-affiliated funds and debt financing from Goldman Sachs, Credit Suisse, and UBS. The transaction was not subject to a financing condition. Closing did, however, depend on required legal and regulatory clearances, including waiting periods under the Hart-Scott-Rodino Act and regulatory approval in Germany and Austria, as well as Barracuda shareholder approval. The November 27, 2017 SEC Form 8-K documents the merger entities, financing, and closing conditions.
Rank #2
- Dual-band Wi-Fi with 5 GHz speeds up to 867 Mbps and 2.4 GHz speeds up to 300 Mbps, delivering 1200 Mbps of total bandwidth¹. Dual-band routers do not support 6 GHz. Performance varies by conditions, distance to devices, and obstacles such as walls.
- Covers up to 1,000 sq. ft. with four external antennas for stable wireless connections and optimal coverage.
- Supports IGMP Proxy/Snooping, Bridge and Tag VLAN to optimize IPTV streaming
- Access Point Mode - Supports AP Mode to transform your wired connection into wireless network, an ideal wireless router for home
- Advanced Security with WPA3 - The latest Wi-Fi security protocol, WPA3, brings new capabilities to improve cybersecurity in personal networks
When did Thoma Bravo complete the purchase?
Thoma Bravo announced that it completed the acquisition on February 12, 2018. Barracuda became privately held. In its completion announcement, Thoma Bravo described Barracuda as a provider of cloud-enabled security and data protection, with offerings in email security and management, network and application security, and data protection for cloud and hybrid environments. It reported that Barracuda served more than 150,000 customers worldwide at the time. That customer count is the buyer’s reported figure, not an independently audited statistic.
Thoma Bravo’s February 12, 2018 completion announcement confirms the closing date and provides its description of Barracuda’s business.
Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteRank #3
- NIGHTHAWK WIFI 6 ROUTER FOR YOUR WHOLE HOME: Delivers fast, reliable WiFi across every room of your apartment or small home for streaming, gaming, video calls, and smart home devices, all running at the same time without slowing each other down.
- WORKS WITH YOUR EXISTING INTERNET SERVICE: Pairs with your existing modem or gateway via ethernet. Compatible with most cable, fiber, DSL, and satellite providers. Some gateways and modem router combos may require bridge mode. No coax needed.
- SET UP AND MANAGE YOUR NETWORK WITH THE NIGHTHAWK APP: Download the free Nighthawk app on iOS or Android for guided setup. Manage WiFi, run speed tests, pause devices, and set up guest networks from anywhere. Active internet required.
- READY FOR THE DEVICES YOU ALREADY OWN: Your phones, laptops, and TVs work right out of the box. WiFi 6 delivers speeds up to 1.8 Gbps across 2.4 GHz and 5 GHz bands. Backward compatible with WiFi 5 and earlier.
- COVERAGE IN EVERY ROOM: Covers up to 1,500 sq. ft. for up to 20 connected devices. Walls, floors, and interference can reduce range. Larger or multi-story homes may benefit from a NETGEAR Orbi mesh WiFi system.
Who owns Barracuda now?
Thoma Bravo is not Barracuda’s current owner. Barracuda announced in April 2022 that it had agreed to be acquired by KKR, then announced that KKR completed the acquisition on August 16, 2022. The completion announcement did not disclose the financial terms of that later transaction.
Barracuda’s April 2022 announcement described the planned sale and characterized its time under Thoma Bravo as a period of product expansion, acquisitions, operational improvements, and profitable growth. Those descriptions are Barracuda’s statements in the sale announcement, not independent assessments of the acquisition’s effects. The later ownership change is confirmed in Barracuda’s August 16, 2022 completion announcement; the earlier agreement is described in its April 12, 2022 sale announcement.
Rank #4
- 𝐅𝐮𝐭𝐮𝐫𝐞-𝐑𝐞𝐚𝐝𝐲 𝐖𝐢-𝐅𝐢 𝟕 - Designed with the latest Wi-Fi 7 technology, featuring Multi-Link Operation (MLO), Multi-RUs, and 4K-QAM. Achieve optimized performance on latest WiFi 7 laptops and devices, like the iPhone 16 Pro, and Samsung Galaxy S24 Ultra.
- 𝟔-𝐒𝐭𝐫𝐞𝐚𝐦, 𝐃𝐮𝐚𝐥-𝐁𝐚𝐧𝐝 𝐖𝐢-𝐅𝐢 𝐰𝐢𝐭𝐡 𝟔.𝟓 𝐆𝐛𝐩𝐬 𝐓𝐨𝐭𝐚𝐥 𝐁𝐚𝐧𝐝𝐰𝐢𝐝𝐭𝐡 - Achieve full speeds of up to 5764 Mbps on the 5GHz band and 688 Mbps on the 2.4 GHz band with 6 streams. Enjoy seamless 4K/8K streaming, AR/VR gaming, and incredibly fast downloads/uploads.
- 𝐖𝐢𝐝𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐒𝐭𝐫𝐨𝐧𝐠 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐨𝐧 - Get up to 2,400 sq. ft. max coverage for up to 90 devices at a time. 6x high performance antennas and Beamforming technology, ensures reliable connections for remote workers, gamers, students, and more.
- 𝐔𝐥𝐭𝐫𝐚-𝐅𝐚𝐬𝐭 𝟐.𝟓 𝐆𝐛𝐩𝐬 𝐖𝐢𝐫𝐞𝐝 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 - 1x 2.5 Gbps WAN/LAN port, 1x 2.5 Gbps LAN port and 3x 1 Gbps LAN ports offer high-speed data transmissions.³ Integrate with a multi-gig modem for gigplus internet.
- 𝐎𝐮𝐫 𝐂𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 - TP-Link is a signatory of the U.S. Cybersecurity and Infrastructure Security Agency’s (CISA) Secure-by-Design pledge. This device is designed, built, and maintained, with advanced security as a core requirement.
What the announcements do—and do not—establish
Barracuda CEO BJ Jenkins said the proposed transaction would create an opportunity to accelerate growth and continue delivering its security products. That was management’s stated rationale at announcement, not a demonstrated outcome. The cited company announcements do not establish the deal’s investment returns or its effects on customers, employees, or post-acquisition operating results.
Quick Recap
Best Value
- Dual band router upgrades to 1200 Mbps high speed internet (300mbps for 2.4GHz plus 900Mbps for 5GHz), reducing buffering and ideal for 4K stream
- Full Gigabit Ports - Gigabit Router with 4 Gigabit LAN ports, ideal for any internet plan and allow you to directly connect your wired devices
- Boosted Coverage - Four external antennas equipped with Beamforming technology extend and concentrate the Wi-Fi signals
- MU-MIMO technology - (5GHz band) allows high speeds for multiple devices simultaneously
- Access Point Mode - Supports AP Mode to transform your wired connection into wireless network, an ideal wireless router for home
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Recommended Free Tools
