Francisco Partners buying Procera Networks for about $240 million
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Francisco Partners Management is buying Procera Networks for about $240 million.
The San Francisco private equity firm will pay $11.50 per share of Procera, a 21 percent premium to the technology company's Tuesday closing price of $9.51.
Shares of Procera surged more than 18 percent in premarket trading Wednesday.
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Procera's board unanimously approved the deal, which is targeted to close in June. Once the transaction is complete, Procera will be a privately held company.
Procera, based in Fremont, California, also said that it anticipates first-quarter revenue in a range of $19.5 million to $20.5 million. That's above the $16.8 million projection from analysts that follow the company, according to a poll by FactSet.
Shares of Procera Networks Inc. added $1.76 to $11.27 before the market opened.