MinterEllison is advising leading ASX-listed cyber-security business Tesserent on its proposed acquisition by the Australian operations of French defence and technology company Thales for $176 million.

Both companies have entered into a scheme implementation deed under which Thales proposes to acquire 100% of Tesserent's shares via a scheme of arrangement for 13 cents a share, a 165% premium on its closing share price last Friday.

Founded in Melbourne, Tesserent is Australia's largest listed cybersecurity firm. Tesserent employs over 400 cyber-security professionals in Australia and New Zealand and provides cyber related training services and consulting to the government and the defence sectors.

MinterEllison partners Bart Oude-Vrielink and Steven Wang, as well as special counsel Keith Tan, led the team advising Tesserent. The team worked closely on all aspects of the transaction with the Tesserent board, senior management and its financial advisor. MinterEllison will continue to advise Tesserent on the next steps of the transaction, including the finalisation of the Scheme Booklet and the securityholder and the Court approval process.

This transaction is expected to be implemented in October 2023 and is subject to regulatory approval.