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Shares of Symantec Corporation (NASDAQ: SYMC) gained more than 5.8 percent on Monday trading after the company said it would acquire privately held cybersecurity company Blue Coat in a cash deal valued at $4.65 billion, as it continues its efforts to expand its enterprise security business. In addition, Blue Coat’s CEO, Greg Clark, will take over the chief executive position of the combined company, solving one of Symantec's big problems.
Blue Coat had been acquired by a private equity firm, Bain Capital, last year, and had plans to go public later this year. Of course, these plans were abandoned as the company sold itself.
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"We enjoyed a very productive partnership, and are excited to be a significant investor in the future of Symantec as the leading cyber security Company in the world," David Humphrey, Bain’s managing director, said in a statement. “This represented a compelling opportunity for us because we could realize some gains for our investors but also reinvest into the combined company,” he added.
Humphrey will join Symantec's board of directors as his firm agreed to acquire $750 million in convertible notes. Private equity firm Silver Lake, which had already invested $500 million in Symantec back in February, also agreed to put down an extra $500 million in the combined entity.
“With this transaction, we will have the scale, portfolio and resources necessary to usher in a new era of innovation designed to help protect large customers and individual consumers against insider threats and sophisticated cybercriminals,” Dan Schulman, Symantec’s chairman concluded.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.