The Shares of Cybersecurity firm Mandiant closed up 16% Monday after The Information reported Google is interested in acquiring the company. Mandiant, which has a market cap of around $5.25 billion, was previously under the FireEye umbrella before that brand was sold. FireEye was credited with helping Microsoft discover the SolarWinds hack that attacked government systems last year.
Google is interested in acquiring Mandiant to boost its cloud security in an effort to better compete against Microsoft Azure. The new report added that the bids for the firm were due at the end of February. Cybersecurity stocks have, at times, been resilient in the current market as most stocks see a sell-off amid Russia’s invasion of Ukraine.
The acquisition is subject to customary closing conditions, including the receipt of Mandiant stockholder and regulatory approvals, and is expected to close later this year. Goldman Sachs & Co. LLC is acting as an exclusive financial advisor, and Wilson Sonsini Goodrich & Rosati P.C. is acting as legal advisor to Mandiant. For more information, see Google’s press release.