Blue Coat agrees to be taken private in $1.3B deal
SUNNYVALE, Calif. (AP) — Blue Coat Systems, a provider of Internet networking and security products, says it has agreed to be acquired by private equity firm Thoma Bravo in a $1.3 billion deal.
Blue Coat Systems Inc. said Friday that its shareholders will receive $25.81 for each of the company's stock they own. That's a 48 percent premium over Blue Coat's closing stock price Thursday.
Blue Coat has been working to turn its business around in a challenging time for the networking equipment industry. Based on Thursday's closing, its stock is down 41.5 percent year-to-date.
The company sells WAN, or "wide area network" optimization technology. This helps boost the performance of applications shared over computer networks.