Monday, April 21, 2008

Blue Coat Acquires Packeteer

Sunnyvale-based Blue Coat Systems said Monday that it has agree to pay $268M to acquire Packeteer, a WAN optimization and WAN traffic prioritization product firm. Blue Coat said it would pay $7.10 per share in cash for Packeteer, which is based in Cupertino. The deal is expected to close in Q2 of 2008. Blue Coat is funding the acquisition through a $80M, convertible notes financing. Merrill Lynch & Co. advised Blue Coat in the acquisition, along with David Polk & Wardell. Packeteer was advised by UBS Securities and DLA Piper LLP.