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Posted On: 12/04/2018 8:29:39 AM
Post# of 82686
Cyber security group Symantec gets buyout approach
Bid from private equity group Thoma Bravo would add to wave of leveraged takeovers

© Reuters
November 6, 2018 7:48 pm by Eric Platt in New York,Hannah Kuchler in San Francisco and James Fontanella-Khan in London
US cyber security group Symantec has been approached about a potential takeover by private equity group Thoma Bravo, in what would be one of the largest leveraged buyouts since the financial crisis.
Discussions to take the $14.5bn company private come amid a wave of leveraged buyouts, with multibillion-dollar auctions under way for Arconic, the aluminium products company, and Johnson Controls International’s battery business. The talks between Symantec and Thoma Bravo could yet fall apart before a deal is agreed, two people familiar with the situation said.
While a price for the takeover could not be ascertained by the Financial Times, analysts with Wedbush said Symantec could receive a valuation as high as $30 per share in a buyout. That would value the company at more than $19bn.
Thoma Bravo has invested heavily in the cyber security industry over the past decade. Earlier this year it purchased Barracuda Networks, the provider of cloud-enabled security products, for $1.6bn. It has previously invested in SailPoint, which offers technology to authenticate user identities, and Bomgar, the provider of secure remote-access software.
Just this week, it announced the acquisition of Veracode, an application security testing company for $950m in cash, a deal that will close in the fourth quarter. Veracode, which is owned by Broadcom, helps software developers find and fix defects.
Symantec shares jumped 14 per cent to $22.79 in early afternoon trading in New York after an initial report by
Bid from private equity group Thoma Bravo would add to wave of leveraged takeovers

© Reuters
November 6, 2018 7:48 pm by Eric Platt in New York,Hannah Kuchler in San Francisco and James Fontanella-Khan in London
US cyber security group Symantec has been approached about a potential takeover by private equity group Thoma Bravo, in what would be one of the largest leveraged buyouts since the financial crisis.
Discussions to take the $14.5bn company private come amid a wave of leveraged buyouts, with multibillion-dollar auctions under way for Arconic, the aluminium products company, and Johnson Controls International’s battery business. The talks between Symantec and Thoma Bravo could yet fall apart before a deal is agreed, two people familiar with the situation said.
While a price for the takeover could not be ascertained by the Financial Times, analysts with Wedbush said Symantec could receive a valuation as high as $30 per share in a buyout. That would value the company at more than $19bn.
Thoma Bravo has invested heavily in the cyber security industry over the past decade. Earlier this year it purchased Barracuda Networks, the provider of cloud-enabled security products, for $1.6bn. It has previously invested in SailPoint, which offers technology to authenticate user identities, and Bomgar, the provider of secure remote-access software.
Just this week, it announced the acquisition of Veracode, an application security testing company for $950m in cash, a deal that will close in the fourth quarter. Veracode, which is owned by Broadcom, helps software developers find and fix defects.
Symantec shares jumped 14 per cent to $22.79 in early afternoon trading in New York after an initial report by
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