Symantec to Buy Security Firm Blue Coat for $4.65 Billion

Symantec Corp. is preparing to acquire Blue Coat Systems Inc. for about $4.65 billion in cash, a deal that will add to its cyberdefense 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, both companies said in a statement. 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 January sale of Symantec’s Veritas data-storage division for $7.4 billion to the Carlyle Group LP.