Symantec Acquires Cyber Security Firm Blue Coat For $4.65 Billion

MOUNTAIN VIEW (CBS/AP) -- Software security company Symantec Corp. is acquiring internet security firm Blue Coat Inc. for $4.65 billion, bolstering its mobile and cloud-security portfolio.

Blue Coat CEO Greg Clark will take over as CEO of Symantec after the deal is closed, which is expected in third calendar quarter. Symantec announced in April that its CEO, Michael Brown, was stepping down as president and CEO amid falling revenue and trimmed forecasts.

The deal comes after Blue Coat, which is based in Sunnyvale, California, earlier this month filed for an initial public offering of stock.

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