NEW YORK (TheStreet) -- Symantec (SYMC) - Get Symantec Corporation Report stock is higher by 1.91% to $17.63 at the start of trading on Monday morning, after the security software provider announced its acquisition of privately held Web security provider Blue Coat.
The cash deal is valued at approximately $4.65 billion and has been approved by the boards of both companies.
Symantec says the acquisition will enhance its global leadership position as well as "set the pace for innovation industrywide." The combined company will protect customers from cyber threats, help enterprises securely embrace the cloud, and bring together a strong scale of investment in cyber R&D and threat research.
"With this transaction, we will have the scale, portfolio and resources necessary to usher in a new era of innovation designed to help protect large customers and individual consumers against insider threats and sophisticated cybercriminals. Together, we will be best positioned to address the ever-evolving threat landscape, the massive changes introduced by the shift to mobile and cloud, and the challenges created by regulatory and privacy concerns," Symantec chairman Dan Schulman said in a statement announcing the purchase.
The deal is expected to close in the 2016 third quarter.