Symantec to buy Blue Coat from Bain Capital for $4.65B
June 13, 2016
Less than two weeks after filing for an IPO, Blue Coat has entered into a surprise agreement to be acquired by Symantec (NASDAQ: SYMC) for about $4.65 billion in cash. Expected to close in 3Q, the deal doesn't mark a full exit for Bain Capital, which had acquired the cybersecurity company in May 2015 from Thoma Bravo for $2.4 billion. Bain Capital will instead reinvest in the combined business, agreeing to a $750 million purchase of convertible notes.
In connection with the transaction, Silver Lake has agreed to double its investment in Symantec to $1 billion, putting up another $500 million in convertible notes. Blue Coat CEO Greg Clark will be appointed CEO of Symantec when the deal closes.