Barracuda Networks To Be Acquired By Thoma Bravo For $1.6 Bln In Cash

(RTTNews) - Batracuda Networks Inc. (CUDA), a provider of cloud-enabled security and data protection solutions, said it has agreed to be acquired by private equity investment firm Thoma Bravo LLC, in an all-cash transaction valued at $1.6 billion.

Barracuda shareholders of record will receive $27.55 in cash for each share of Barracuda common stock held by them. The price represents a 22.5 percent premium to the company's 10-day average stock price prior to November 27, 2017, of $22.49.

The proposed transaction is expected to close before Barracuda's fiscal year end of February 28, 2018. The deal is subject to approval by Barracuda's shareholders and regulatory authorities, and the satisfaction of other customary closing conditions.

Upon the close of the transaction, Barracuda will operate as a privately-held company with a continued focus on email security and management, network and application security, and data protection solutions that can be deployed in cloud and hybrid environments.

"We believe the proposed transaction offers an opportunity for us to accelerate our growth with our industry-leading security platform that's purpose-built for highly distributed, diverse cloud and hybrid environments. We will continue Barracuda's tradition of delivering easy-to-use, full-featured solutions that can be deployed in the way that makes sense for our customers," said BJ Jenkins, chief executive officer of Barracuda.

Morgan Stanley & Co. LLC is serving as financial advisor to Barracuda, while Wilson Sonsini Goodrich & Rosati, Professional Corporation, is serving as its legal advisors.

Financing for the transaction is being provided by Goldman Sachs & Co. LLC, Credit Suisse, and UBS Investment Bank.

Goldman Sachs & Co. LLC, Credit Suisse, and UBS Investment Bank are also serving as financial advisors to Thoma Bravo, while Kirkland & Ellis LLP is serving as its legal counsel.