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Blue Coat to acquire Packeteer
April 2008  by Emmanuelle Lamandé
Blue Coat Systems Inc. announced that it has signed a definitive agreement with Packeteer Inc. under which Blue Coat will acquire Packeteer for $7.10 per share in cash, or approximately $268 million. The acquisition is expected to be accretive on a non-GAAP basis in the second full quarter of combined operations.

The acquisition is expected to deliver the following strategic benefits to Blue Coat:

- Blue Coat’s ability to incorporate key Packeteer® technologies into the Blue Coat ProxySG family of appliances to provide increased application understanding and traffic prioritization capabilities
- Additional revenue from the sales, support and development of the PacketShaper product
- Increased penetration of the WAN optimization market with the addition of Packeteer’s well-developed global sales distribution channel to Blue Coat’s existing channel
- Expansion of Blue Coat sales opportunities through cross-selling to newly added Packeteer customers

The acquisition will be effected through a tender offer for all of the outstanding shares of Packeteer, followed by a merger between Packeteer and a subsidiary of Blue Coat. The transaction is subject to customary conditions and is expected to close in the second quarter of calendar 2008.

Blue Coat will fund the acquisition through a combination of available cash and an $80 million convertible notes financing.


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