Sandvine Corp (TSX: SVC) said the Ontario Superior Court of Justice has approved the acquisition of the company by U.S. private equity firm Francisco Partners and Procera Networks Inc. The deal, announced in July, is valued at about $562 million (US$444 million) and expected to close this month. It will see Sandvine, a Waterloo-based network policy control solutions provider, merged with Procera, a Fremont, California-headquartered networking equipment maker. Sandvine, which has been led since 2001 by President and CEO Dave Caputo, terminated an acquisition deal with Vector Capital prior to accepting the offer from Francisco.
Sandvine Obtains Final Court Order Approving the Plan of Arrangement
WATERLOO, ON, Sept. 11, 2017 /CNW/ – Sandvine Corporation (“Sandvine”) (TSX: SVC) is pleased to announce that it has obtained a final court order from the Ontario Superior Court of Justice approving the proposed plan of arrangement (the “Arrangement”) pursuant to which PNI Canada Acquireco Corp., an affiliate of Francisco Partners and Procera Networks, Inc. (“Procera”), will acquire all of the issued and outstanding common shares of Sandvine for cash consideration of CAD$4.40 per share.
As previously announced on September 7, 2017, Sandvine shareholders overwhelmingly approved the Arrangement at a special meeting of Sandvine shareholders. Completion of the Arrangement remains subject to various customary conditions. Assuming the satisfaction or waiver of such closing conditions, the Arrangement is expected to close before the end of September 2017.
Further information about the Arrangement is set out in Sandvine’s management information circular dated August 8, 2017 which has been filed under Sandvine’s profile on SEDAR at www.sedar.com.
Sandvine’s network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks, to increase revenue, reduce network costs and improve subscriber quality of experience. Our networking solutions perform end-to-end policy control functions, including traffic classification, policy decision, and enforcement. Deployed as virtualized network functions or on Sandvine’s purpose-built hardware, the products provide actionable business insight, and the ability to deploy new consumer and business subscriber services, optimize and secure network traffic, and engage with subscribers.
Sandvine’s network policy control solutions are deployed in more than 300 networks in over 100 countries, serving hundreds of millions of data subscribers worldwide. www.sandvine.com.
Since its inception in 2002, Procera has become a leading subscriber and network intelligence provider. The continued development of its award-winning ScoreCard and eVolution technologies, in addition to the benefits its solutions hold for network operators around data insights, traffic management, and policy control, lets Procera meet the ever-changing needs of service providers both today and in the heavily virtualized future.
For more information, visit http://www.proceranetworks.com or follow Procera on Twitter @ProceraNetworks.
ABOUT FRANCISCO PARTNERS
Francisco Partners is a leading global private equity firm, which specializes in investments in technology businesses. Since its launch over 17 years ago, Francisco Partners has raised over $10 billion in capital and invested in nearly 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep knowledge and operational expertise can help companies realize their full potential.
For further information: INVESTOR CONTACT, Rick Wadsworth, Sandvine, +1 519 880 2400 ext. 3503, email@example.com; MEDIA CONTACT, Dan Deeth, Sandvine, +1 519 880 2232, firstname.lastname@example.org
Photo courtesy of Procera Networks Inc