Network management and Web security company Blue Coat Systems announced Friday that it has reached an agreement to be acquired for $1.3 billion by an investor group led by private equity fund Thoma Bravo.
Terms of the deal, which takes the company private, call for the consortium buying Blue Coat to pay the company’s shareholders $25.81 in cash per share, a premium of approximately 62 percent over the stock’s average trading price during the 60 days prior to December 8. Blue Coat’s board of directors has already approved the purchase, which still requires shareholder and regulatory approval.
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