Technology security firm Symantec and Blue Coat, Inc. today announced that they have entered into a definitive agreement under which Symantec will acquire Blue Coat for approximately $4.651 billion in cash. The transaction has been approved by the Boards of Directors of both companies and is expected to close in the third calendar quarter of 2016. Greg Clark, Chief Executive Officer of Blue Coat, will be appointed Chief Executive Officer of Symantec and join the Symantec Board upon closing of the transaction.

Blue Coat is the #1 market share leader and share gainer in Web Security with a portfolio of integrated technologies serving as a trusted platform to deliver Cloud Generation Security to more than 15,000 customers worldwide.

The combined company will offer its customers proetction against more cyber threats, with detection and remediation across endpoint, email, web, network and servers. This transaction will combine Symantec’s threat telemetry with Blue Coat’s networks and cloud security offerings.

Symantec will be able to deliver security for the cloud generation of users, data and apps, for the cloud, from the cloud and to the cloud.

In connection with the transaction, Silver Lake has agreed to make an additional investment of $500 million in 2.0% convertible notes due 2021 of Symantec, doubling its investment in Symantec to $1 billion. In addition, Bain Capital has agreed to make an investment of $750 million in the convertible notes.