Blue Coat signs deal with Thoma Bravo

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Blue Coat signs deal with Thoma Bravo

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, LLC, in a transaction valued at approximately $1.3 billion. The Blue Coat Board of Directors has approved the agreement and resolved to recommend that the shareholders of Blue Coat adopt this agreement. The investor group is led by Thoma Bravo and includes the Ontario Teachers' Pension Plan (Teachers') through its private investor department, Teachers' Private Capital.

Under the terms of the agreement, Blue Coat shareholders will receive $25.81 in cash for each share of Blue Coat common stock they hold, representing a premium of approximately 48% over Blue Coat's closing price on December 8, 2011 and a premium of approximately 62% over the 60-day trailing average for the period ended December 8, 2011.

"Blue Coat has strong, differentiated products for protecting enterprises from the ever-increasing levels of Web-based security threats and for accelerating and optimizing applications and rich media content, such as video, over their networks. Our partnership with Thoma Bravo will assist Blue Coat in more aggressively realizing the opportunities in its two markets, by providing a platform that enables greater focus on the business that supports the future growth of the company," said Gregory S. Clark, President & Chief Executive Officer, Blue Coat Systems.

"Blue Coat is an award-winning, global leader in next-generation Web security and WAN optimization and we welcome 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 Bravo, Managing Partner, Thoma Bravo.

The transaction is subject to customary closing conditions, including requisite regulatory approvals and approval of Blue Coat shareholders. Blue Coat expects the transaction to close in the first calendar quarter of 2012.


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