US web accelerator and security company Blue Coat Systems (Nasdaq: BCSI) has entered into a definitive agreement to be acquired by an investor group led by San Francisco-based private equity investment firm Thoma Bravo, in a transaction valued at some US$1.3bn, the companies said in a statement.
The transaction is subject to customary closing conditions, including requisite regulatory clearance and approval from Blue Coat shareholders. Blue Coat expects the transaction to close in the first calendar quarter of 2012.
Thoma Bravo has received financing commitments from global securities and investment banking group Jefferies Finance.
Blue Coat's board of directors has approved the agreement and decided to recommend that the company's shareholders accept it as well. Blue Coat will continue to focus on web security and WAN optimization.
The investor group includes the Ontario Teachers' Pension Plan, through its private investor department, Teachers' Private Capital.
"Blue Coat marks the continuation of Thoma Bravo's investment efforts in the security technology industry, and is the firm's fifth security technology platform investment," said Seth Boro, a partner at Thoma Bravo.
Blue Coat has a market share of 29.4% in Latin America, nearly double its nearest competitor. The company has held this leading position every year since 2006.