Infoblox (BLOX) to Be Acquired by Vista Partners in $1.6B Deal
Shares of Infoblox Inc. (BLOX) were trading up +3.17 or +13.89 percent to $26.00 per share in Monday’s premarket after news broke early this morning that Vista Equity Partners would be taking the company over in a $1.6 billion transaction. Infoblox Inc. stock closed at $22.83, down -0.31 or -1.34 percent in Friday’s regular trading session.
Founded in 1999, Santa Clara, California based Infoblox was started in Chicago by Stuart Bailey, a tech lead from the Laboratory for the Advanced Computing National Center for Data Mining at the University of Illinois.
Founded by Robert F.
The two companies announced early on Monday that they had entered into a definitive agreement for Infoblox to be acquired by Vista Equity Partners for $26.50 per share in cash. The deal, which represents a +33 percent premium to Infoblox’ stock closing price over the last 60 days, and a +75 percent premium to Infoblox’s closing price on May 11th of this year when reports of interest in the acquisition first surfaced in the media.
Jesper Andersen, President and CEO of Infoblox stated in this morning’s press release that, “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. We are excited to begin our partnership with Vista and look forward to leveraging their operational insights as we continue to deliver the industry-leading products, solutions and customer service on which our customers rely.”
According to the press release, Infoblox’s Board of Directors conducted a thorough evaluation of a number of indications of interest before deciding to proceed with the current deal with Vista Partners. The board unanimously recommends shareholders tender their shares in the offer that will be followed by a merger. Infoblox will retain its senior management and corporate headquarters in Santa Clara, California.
The transaction is being handled by Morgan Stanley (MS) acting as exclusive financial advisor, as well as Fenwick &West LLP acting as legal advisor for Infoblox, and Kirkland & Ellis, legal advisor for Vista Partners. The deal is expected to close by the end of Infoblox’s fiscal second quarter and is subject to the customary closing conditions and regulatory approvals.
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