Sophos' acquisition by Thoma Bravo has been delayed at the eleventh hour after the vendor failed to disclose elements of its Cycle to Work scheme to the Financial Conduct Authority (FCA).
The cybersecurity vendor's shares were due to be delisted today to allow for the deal's completion, but Thoma Bravo discovered a discrepancy yesterday.
Sophos has permission from the FCA to provide finance to employees as part of its Cycle to Work scheme, but organisations transacting deals with a value of over £1,000 need to be approved by the governing body - which Sophos is not.
In a note to the London Stock Exchange Sophos said that the deal has now been delayed, to allow Thoma Bravo to notify the FCA of the acquisition.
Sophos said that trading of its shares will continue until further notice, with an updated timetable for the acquisition set to be made available "in due course".
Thoma Bravo announced its intention to acquire Sophos, via newly formed company Surf Buyer, for $3.8bn in October last year.
The private equity firm also owns the likes of Barracuda, Connectwise, LogRhythm and McAfee.
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