Jun 13, 2016 4:20 PM

Symantec buying internet security firm Blue Coat

The Associated Press

MOUNTAIN VIEW, Calif. (AP) Software security company Symantec Corp. is acquiring internet security firm Blue Coat Inc. for $4.65 billion, bolstering its mobile and cloud security portfolio.

Blue Coat CEO Greg Clark will take over as CEO of Symantec after the deal is closed, which is expected in the third calendar quarter. Symantec announced in April that its CEO, Michael Brown, was stepping down as president and CEO amid falling revenue and trimmed forecasts.

Investors backing the deal included private equity firm Silver Lake, which said it would double the $500 million investment in convertible notes in Symantec it announced in February.

Private equity firm Bain Capital, which is the majority shareholder in Blue Coat, said it will invest $750 million in convertible notes. A Bain managing director will join the Symantec board.

The deal announced late Sunday comes after Blue Coat, which is based in Sunnyvale, California, earlier this month filed for an initial public offering of stock.

Shares of Mountain View, California-based Symantec 91 cents, or 5.3 percent, to close Monday at $18.21. They are down almost 13 percent in 2016 and about 23 percent during the past year.

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