Blue Coat Systems, Inc. (NASDAQ: BCSI) is joining in the M&A bandwagon. The provider of Web security and WAN optimization solutions has announced that it has agreed to be acquired San Francisco-based private equity firm Thoma Bravo, LLC. The value of the buyout is worth $1.3 billion.
The company’s board of directors approved the transaction and is recommending that its shareholders accept the deal. Thoma Bravo’s affiliate companies includes the Ontario Teachers’ Pension Plan.
Blue Coat shareholders will receive $25.81 in cash, which is a 48% premium to yesterday’s close of $17.48. Blue Coat has traded in a 52-week range of $12.25 to $32.22. The deal is also said to represent a premium of approximately 62% over the 60-day trailing average of Blue Coats share price.
As you would expect, Blue Coat shares are surging up 45% at $24.45 in active trading. The trend in technology acquisitions has been around cloud technology and about security. This probably will not be the last deal in the sector and there are many others worth considering in this space.
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