Web security provider Blue Coat Systems has entered into a definitive agreement to be acquired by an investor group led by San Francisco-based private equity investment firm Thoma Bravo.
Under the agreement, Blue Coat will continue to operate with its focus on Web security and WAN optimisation. The investor group, led by Thoma Bravo, includes the Ontario Teachers’ Pension Plan (Teachers’) through its private investor department, Teachers’ Private Capital.
In addition, Blue Coat shareholders will receive $25.81 in cash per each share of Blue Coat common stock they hold. The transaction is subject to customary closing conditions, including requisite regulatory approvals and approval of Blue Coat shareholders.
Blue Coat said it expects the transaction to close in the first calendar quarter of 2012.
Blue Coat Systems Board chairman David W. Hanna said over the last six months, Blue Coat’s Board of Directors engaged in a comprehensive review of all strategic options available to Blue Coat.
"After an extensive evaluation of strategic alternatives with our independent advisors, the Board has determined that the definitive agreement with Thoma Bravo provides an attractive all-cash valuation to our shareholders. We look forward to completing the transaction under the terms of the agreement as expeditiously as possible," said Hanna.
Thoma Bravo managing partner Orlando Bravo said Blue Coat welcomes the opportunity to work with its existing management team.
"As a private company, Blue Coat will be better positioned to innovate at an accelerated rate and achieve a higher level of growth," said Orlando.
