Infoblox To Be Acquired By Vista Equity Partners In $1.6 Bln Deal - Quick Facts

(RTTNews) - Infoblox Inc. (BLOX), a provider of automated network control solutions, said it has entered into a definitive agreement to be acquired by Vista Equity Partners, a private equity firm focused on software, data and technology-enabled businesses.

The transaction values Infoblox at approximately $1.6 billion. The company's shares are gaining more than 15 percent in pre-market activity.

Under the terms of the deal, Infoblox stockholders will receive $26.50 per share of common stock in cash, which represents a 73 percent premium to Infoblox's unaffected closing price as of May 11, 2016, when media reports of interest in acquiring Infoblox were first published. The agreement was unanimously approved by Infoblox's board of directors.

The transaction will be effected by means of a tender offer followed by a merger. Infoblox's board of directors has unanimously recommended Infoblox stockholders tender their shares in the offer. The transaction is expected to close in Infoblox's fiscal second quarter.

Jesper Andersen, President and CEO of Infoblox said, "This transaction will provide immediate and substantial value to Infoblox stockholders, while also giving Infoblox greater flexibility to execute on our long-term strategy to drive increased DDI automation and DNS security into the enterprise market."

Infoblox will maintain its corporate headquarters in Santa Clara, California and continue to be led by its current executive team.