Procera sold to Francisco Partners for $240M

Procera Networks will soon begin a new life as the company, having signed an agreement to be acquired by private equity firm Francisco Partners for $240 million in cash.

Under the terms of the agreement, Francisco Partners will conduct a tender offer no later than May 5, 2015, to acquire all outstanding shares of Procera's common stock for $11.50 per share in cash.

Francisco said that this offer represents a 21 percent premium over the closing price of Procera's common stock on April 21, 2015, and a premium of about 32 percent over the unaffected closing price on Jan. 22, 2015, the last day before the publication of an article reporting the potential sale of the company.

Procera's board unanimously approved the acquisition.

James Brear, president and CEO of Procera, said in a release that by being bought by Francisco Partners, "Procera will have the resources and financial expertise needed to attain the next level of growth and to strengthen our competitive market position."

Francisco and Procera said they expect the deal to close in June after meeting various conditions, including tender of shares of Procera common stock representing at least a majority of the total number of outstanding fully diluted shares and other customary conditions.

For more:
- see the release

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