Security, back-up and recovery specialist SonicWALL is to be acquired for $717m (£489.4m) or $11.50 per share by a consortium of investors led by private equity firm Thoma Bravo LLC.
According to a statement released by SonicWALL this represents a premium of 28% over its most recent closing price and 63% over its enterprise value.
The investor group, which also includes Teachers Private Capital, the investment branch of the Ontario Teachers' Pension Plan, plans to bulk up SonicWALL through both organic growth and "a consolidation strategy in the network security market, as well as adjacent markets," according to Thoma Bravo vice president Robert Sayle.
"A partnership with Thoma Bravo will strengthen our focus on delivering the most advanced and highest quality solutions to our customers," remarked SonicWALL president and CEO Matthew Medeiros.
The deal is subject to the standard conditions and regulatory approvals, and is not subject to a financing condition. It is expected to close during the quarter ending 30 September.