Mubasher: US technology-focused private equity investment firm Thomas Bravo announced a buyout deal with Sophos Group, which will see the UK-based cyber-security giant valued at around $3.8 billion, according to Reuters.

Sophos shareholders will receive $7.40 in cash per share, which represented a 37% premium from the antivirus and encryption product maker’s closing price on Friday.

Sophos was first approached by Thomas Bravo last June, the UK cybersecurity firm’s CEO Kris Hagerman told Reuters.

“The [company’s] board ultimately concluded that this offer and the acquisition can accelerate Sophos’ progress in next-generation cyber-security,” Hagerman said.

The acquisition deal is the first of its kind for Thomas Bravo outside the US, while it trails several other deals by US private equity firms attracted toward UK companies as the sterling pound weakened ahead of Brexit.

The move also came as the US private equity company has been targeting the cyber-scurity businesses. Late last year, Thomas Bravo acquired Imperva and Veracode, another cyber-security firm, from Broadcom.

In 2017, it bought cloud-based data security manager Barracuda Networks, a competitor to Sophos.