Symantec to Buy Security Company Blue Coat for $4.65B

Symantec Corp. is preparing to acquire Blue Coat Systems Inc. for approximately $4.65 billion in cash, a deal that will add to its cybersecurity defense technology and fill a high-turnover chief executive officer position.

Blue Coat CEO Greg Clark will take the helm of the combined corporation and join its board after the deal closes in the third quarter, Symantec said.

Clark will become Symantec’s fourth CEO in as many years, fulfilling its search for a leader with experience running a cybersecurity company and providing what investors hope will be much-needed stability. He replaces Michael Brown, who had overseen the ...