Riverbed Technology has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo, LLC and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan.
Under the terms of the agreement, Riverbed stockholders will receive $21.00 per share in cash, or a total of approximately $3.6 billion. The agreement was unanimously approved by Riverbed’s Board of Directors following a comprehensive review of strategic and financial alternatives that the Company announced in October, 2014.
“This investment is the largest in Thoma Bravo’s history, and it marks a continued emphasis on and confidence in companies that deliver mission-critical technologies for an expanding, global customer base,” added Seth Boro, a managing partner at Thoma Bravo.
Riverbed CEO Jerry Kennelly will remain with the Company in the same capacity. The transaction, which is expected to close in the first half of 2015, is subject to approval by Riverbed stockholders, regulatory approvals, including antitrust review in the US, Germany and Taiwan, and review and clearance by the Committee on Foreign Investment in the US, and other customary closing conditions. There are no financing conditions associated with the proposed agreement.
Qatalyst Partners and Goldman, Sachs & Co. are serving as financial advisors to Riverbed, and Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as legal advisor. Kirkland & Ellis is serving as legal advisor to Thoma Bravo.
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