Symantec, a technology based security company, is all set to purchase cyber security firm Blue Coat at a whopping cost of 4.65 billion USD. The respective acquisition tends to be one of the biggest deals of the current year and past decade. Along with it brings another investor in limelight Silver Lake, which is sorting out to double the investment to $1 billions. The other venture firm Bain Capital is likely to invest $750 millions, a combined based deal.
According to Symantec Chairman, Dan Schulman, With this transaction, we will have the scale, portfolio and resources necessary to usher in a new era of innovation designed to help protect customers and consumers against insider threats and sophisticated cyber criminals.
After the acquisition, company’s sole motto will be concentrating on providing better anti-threat solutionswhich will leverage Symantec’s threat telemetry and Blue Coat’s networks and cloud security offerings. The agenda for cloud security for end users along with appropriate cyber threat research and development in enormous scale.
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As given statement in a reputable news agency, Bain acquired Blue Coat including other investors with a whopping price of 2.4 billion USD barely 13 months before; subjected to the biggest deal till date. The deal will help get a new leader or CEO but also broaden the portfolio whilst building a broader spectrum of growth for the company.
Symantec will finance the deal through its balances as well as $2.8 billion in new debt. The transaction will come to a close in the third quarter of the 2016 calendar year, after which Blue Coat CEO Greg Clark will take over as the CEO of Symantec, as the statement given in Financial Times.