Gigamon announces completion of its acquisition
Gigamon Inc. of Santa Clara, CA announced on December 27 the successful completion of its acquisition by Elliott Management (“Elliott”), a leading multi-strategy private investment firm, and the Qatar Investment Authority (“QIA”). Elliott’s investment is being led by its private equity affiliate, Evergreen Coast Capital (“Evergreen”). The acquisition, valued at approximately $1.6 billion, was approved by Gigamon shareholders on December 22, 2017. As a result of the completion of the transaction, shareholders will receive $38.50 per share in cash and Gigamon common stock will no longer be listed for trading on the NYSE.
“This is a pivotal day for Gigamon employees, customers and partners around the world. With the acquisition complete, our team will continue to execute strategic initiatives that will both empower our customers with new, rich functionality and drive Gigamon to the next level of growth,” said Paul Hooper, chief executive officer of Gigamon. “As a private company, we will continue to build upon our leading technology foundation and transform the market we created and lead. With our Security Delivery Platform, we are in a unique position to enable NetOps and SecOps teams to work together addressing the common goal of securing their enterprise while containing costs and minimizing complexity. Working closely with Evergreen, we are entering a new and exciting era.”
“This is a landmark transaction for Evergreen and Elliott,” said Jesse Cohn, partner at Elliott. “We are deeply committed to the success of Gigamon as it continues to innovate and deliver customer value. Gigamon’s market-leading platform and position in next-generation infrastructure represents significant potential for the future.”
“The IT landscape is being transformed through massive and disruptive change and partnering with a market-leading organization and world-class executives to drive this disruption represents a fantastic opportunity,” said Isaac Kim, managing director of Evergreen Coast Capital. “We are excited to work with Gigamon to accelerate the delivery of innovative new offerings, transform its go-to-market approach and maximize the company’s potential.”