SonicWALL to go private in $717 mn deal

NEW YORK, USA: SonicWALL Inc agreed on Wednesday to be bought by an investor group led by private equity firm Thoma Bravo in a deal the IT security company valued at about $717 million.

SonicWALL shareholders will receive $11.50 per share in cash, a 28 per cent premium over the Wednesday's close.

SonicWALL said the investor group includes the Ontario Teachers' Pension Plan through its private investor department, Teachers' Private Capital.

"Our agreement with Thoma Bravo represents an attractive valuation for our shareholders," SonicWALL Chief Executive Matthew Medeiros said in a statement.

SonicWALL's board has unanimously approved the deal and recommends shareholders approved it. The deal is expected to close in the fiscal quarter ending Sept. 30, or early in the quarter ending Dec. 31.

Centerview Partners served as exclusive financial adviser to SonicWALL. Kirkland & Ellis provided legal counsel to Thoma Bravo. Fenwick & West provided legal counsel to SonicWALL.