Monday, April 20, 2015

Vista Equity Sells Majority Of Websense To Raytheon

Vista Equity Partners---the private equity firm which as been gobbling up San Diego high tech companies and moving them to Texas--has agreed to sell 80 percent of Websense to defense company Raytheon, the three said today. The deal--which has been rumored since March--will combined Raytheon Cyber Products with Websense. The two said that Raytheon will invest $1.57 billion in net cash for majority ownership of a new company, to be made of those two parts. The deal has an enterprise value of $2.3 billion of the deal, with Raytheon contributing $1.9 billion net of cash acquiired to acquire Websense. Raytheon said that $600M of that will be in an intercompany loan plus the assets of Raytheon Cyber Products--valued at $400M. Vista Equity will also invest another $335M in the companies for a 19.7 percent equity stake in the new company.

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