Six Firms Drive Vista Equity’s Cybersecurity Deal for KnowBe4

At least a half dozen law firms are advising in Vista Equity Partners’ take-private deal to buy software-security firm KnowBe4, Inc. for around $4.6 billion.

Kirkland & Ellis is advising Vista on the deal, which calls for it to pay $24.90 per share for KnowBe4. That’s 44% better than the share’s price before Sept. 16, when Vista made an initial offer of $24 per share.

Vista got support for the deal from Stu Sjouwerman, KnowBe4’s founder, chairman and chief executive officer, and private equity firms KKR & Co. and Elephant Partners. Collectively, they account for 83% of KnowBe4’s outstanding voting power, according to a statement.

Gibson, Dunn & Crutcher is advising KKR, while Latham & Watkins is advising Elephant Partners. Moulton Moore Stella is counseling Sjouwerman.

Wilson Sonsini Goodrich & Rosati is advising Clearwater, Florida-based KnowBe4, which calls itself a security awareness training and simulated phishing platform. The deal is expected to close in the first half of 2023, the statement said.

Potter Anderson & Corroon is advising an independent special committee of KnowBe4’s board of directors that was formed to evaluate Vista Equity’s latest proposal and other alternative offer and strategies available to KnowBe4.

Kirkland said its team advising Vista was led by corporate partners David Klein, Chelsea Darnell, Daniel Wolf, Stuart Casillas, and Ari Levi, with associates Garett Morin, Sumer Marquette, Hayley Gilbert, and Jermaine Cherry.

Gibson Dunn said its corporate team advising KKR includes partners Saee Muzumdar and Wim De Vlieger and associates Phillip Sanders, Hui Zhen Gan, and Jakob Egle.

Latham said its team representing Elephant Partners was led by Chicago partner Bradley Faris and Boston partner Hans Brigham, with associates Grace Kim and Jack DeMeulenaere.