Forescout Technologies has announced it will be acquired by private equity investors Advent International, with participation by Crosspoint Capital Partners. Advent will pay $33 per share for a total all-cash transaction of $1.9 billion.
Forescout was valued at $25.45 on Oct. 18, the last full day of trading before Corvex Management L.P. and Jericho Capital Asset Management L.P. released 13-D forms announcing their intent to acquire a 14.5% stake in the company. Advent's purchase represents a 30% premium over the closing price.
The transaction is expected to close in the second quarter of 2020. Michael DeCesare will continue as president and CEO after the acquisition.
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