… And SonicWALL Becoming Private With Same Double-Take’s Investor

SonicWALL, Inc. has completed its merger with affiliates of an investor group led by Thoma Bravo, LLC, which includes the Ontario Teachers’ Pension Plan through its private investor department, Teachers’ Private Capital. This follows approval of the transaction by SonicWALL shareholders during a Special Meeting of Shareholders held today.  

"With strong and supportive partners in Thoma Bravo and Teachers’ Private Capital, we can create exciting new opportunities for SonicWALL and continue building the Company into an IT security leader," said Matthew Medeiros, SonicWALL’s president and CEO. "We look forward to continuing to provide our customers with the innovation and high quality service and products they have come to expect from SonicWALL. On behalf of SonicWALL’s Board of Directors and management team, I want to thank our employees and customers for their ongoing support."

"SonicWALL is a business with tremendous momentum and we look forward to partnering with the Company to extend their success within the IT security industry," said Seth Boro, a Principal at Thoma Bravo.  

"We are eager to embark on this new era for SonicWALL, and look forward to supporting the many strategic opportunities available to the company," added Neil Petroff, Teachers’ Executive Vice-President and Chief Investment Officer.

SonicWALL shareholders will receive $11.50 in cash for each share of SonicWALL common stock they hold. Letters of transmittal allowing SonicWALL shareholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly. SonicWALL shareholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.

As previously announced, SonicWALL stock will cease to trade on the NASDAQ after market close today and will be delisted.

Centerview Partners LLC served as exclusive financial advisor to SonicWALL and provided a fairness opinion to the Company’s Board of Directors. Kirkland & Ellis LLP provided legal counsel to Thoma Bravo. Fenwick & West LLP provided legal counsel to SonicWALL. Credit Suisse arranged the debt financing in support of the transaction.