Symantec to boost momentum with €4.1bn takeover

Cybersecurity giant Symantec has acquired security solutions provider Blue Coat Systems for around $4.65bn (€4.1bn) in cash, a deal that will add to its cyberdefence technology and fill a high-turnover chief executive position.

Blue Coat chief Greg Clark will take the helm of the combined corporation and join its board after the deal closes in the third quarter, both companies said in a statement.

Mr Clark will become Symantec’s fourth chief executive 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.