Sandvine : accepts C$562 million offer from Francisco, Procera
Francisco and networking equipment maker Procera will pay C$4.40 per Sandvine share.
Sandvine will be merged with Procera, whose Chief Executive Lyndon Cantor will lead the combined entity.
Earlier this month, Sandvine had accepted an amended offer from Vector Capital's unit, Scalar Acquireco Corp, for C$4.15 per share, valuing Sandvine at about C$529 million.
Shares of Sandvine were down 2 percent at C$4.35. Up to Friday's close, the company's stock had risen nearly 40 percent since Vector Capital's initial offer in May.
California-based Procera provides network visibility and control across mobile and fixed broadband networks.
The combined company will serve over 400 communications service providers, with over 1 billion subscribers in more than 100 countries, Andrew Kowal, partner at Francisco Partners, said in a statement.
Sandvine retained Canaccord Genuity as its exclusive financial adviser, while Procera was advised on the transaction by J.P. Morgan Securities.
(Reporting by Anirban Paul and John Benny in Bengaluru; Editing by Anil D'Silva and Maju Samuel)