Permira to buy majority stake in cyber security firm Exclusive Group

PARIS (Reuters) – Private equity firm Permira PERM.UL said on Friday it had agreed to buy a majority stake in Exclusive Group, in a deal that secures substantial funding for the future development of the French cyber security group.

A source close to the matter said the deal was worth some 1.3 billion euros ($1.60 billion).

Created in 2003, Exclusive Group had 2017 sales of 1.75 billion euros, a rise of 38 percent from 2016.

The transaction is expected to close during the summer.