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General

Sandvine accepts CAD 562 mln bid from Francisco, Procera

Monday 17 July 2017 | 18:06 CET | News

Sandvine said it has terminated its agreement with Scalar, which made an offer for the company at CAD 4.15, and cut a new deal with Procera and PNI Acquireco, which will together pay CAD 4.40 per share. The price values Sandvine at CAD 562 million and represents a 40 percent premium to Sandvine’s closing price on 26 May, before bidding started for the company.

Sandvine will be combined with Procera, and led by Procera CEO Lyndon Cantor, together with Procera CFO Richard Deggs. The new company will retain the Sandvine name; it will serve over 400 communications service provider customers, with over 1 billion subscribers in more than 100 countries, as well as over 500 enterprise customers and more than 100 OEM and channel partners.

After close, Sandvine shares will be de-listed.

Sandvine’s special meeting of shareholders scheduled for 18 July has been postponed, with a new one planned to consider the offer from PNI Acquireco, an affiliate of of Francisco Partners. The date has yet to be announced.



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Categories: General
Companies: Sandvine
Countries: World
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