Darktrace is set to go private in a deal that values the U.K.-based cybersecurity giant at around $5 billion.

A newly formed entity called Luke Bidco Ltd., formed by private equity giant Thoma Bravo, has tabled an all-cash bid of £6.20 ($7.75) per share, which represents a 44% premium on its average price for the three-month period ending April 25. However, this premium drops to just 20% when juxtaposed against Darktrace’s closing price Thursday, as the company’s shares had risen 20% to £5.18 in the past month.