TDR Capital, via Herringbone Acquisitions, has agreed to buy NCC's Escode business for an enterprise value of £275 million. The deal values the cybersecurity unit at approximately 9x its forecast FY25 adjusted EBITDA. Completion is targeted for no earlier than April 2026, pending regulatory approvals.

This transaction allows NCC Group, headquartered in Manchester, to streamline its portfolio and focus on core cybersecurity services. For TDR Capital, the acquisition expands its holdings in the cybersecurity sector, a market experiencing sustained demand. The 9x multiple reflects typical valuations for established, cash-generating tech assets.

Investors will watch for NCC's post-sale strategy and how TDR integrates Escode. The deal's structure and timing could signal broader private equity appetite for infrastructure and software businesses amid fluctuating market conditions.