Symantec Corp. plans to acquire Blue Coat Systems Inc. for $4.65bn in an all-cash transaction to beef up its cyberdefense technology and fill its vacant chief executive officer position.
Blue Coat’s CEO Greg Clark would become CEO of the combined company after the deal closes by 3Q 2016 in September.
Synergies from the deal would result in additional cost savings of $150m annually, over an expected $400m.
As part of the deal, PE sponsor Bain Capital LLC, which controls Blue Coat, will put $750m of its proceeds from the sale into the combined company. Private equity firm Silver Lake will double its investment to $1bn.