Blue Coat Systems to Be Bought by Thoma Bravo for $1.3 Billion

By Cecile Daurat - Dec 9, 2011 7:39 PM GMT+0700

Blue Coat Systems Inc. (BCSI), a maker of Internet-security software, agreed to be bought by an investor group led by Thoma Bravo LLC for about $1.3 billion.

Stockholders will receive $25.81 in cash for each share, Sunnyvale, California-based Blue Coat said in a statement today. That’s a premium of 48 percent over yesterday’s closing price and 62 percent over the 60-day trailing average period, it said.

Blue Coat is Thoma Bravo’s fifth security-technology investment, according to the statement. The group of buyers includes the Ontario Teachers’ Pension Plan.

The shares fell 1.4 percent to $17.48 yesterday. They had slumped 41 percent before today.

Goldman Sachs Group Inc. advised Blue Coat. Thoma Bravo, which has offices in Chicago and San Francisco, received financing commitments from Jefferies Finance LLC.

To contact the reporter on this story: Cecile Daurat in Wilmington at cdaurat@bloomberg.net

To contact the editor responsible for this story: Cecile Daurat at cdaurat@bloomberg.net