July 15, 2020 / 1:45 PM / a month ago

PE firm Advent to buy ForeScout for $1.43 billion in revised deal

(Reuters) - Private equity firm Advent International agreed to acquire ForeScout Technologies Inc (FSCT.O) in a revised deal for about $1.43 billion, settling a legal battle after it pulled its previous bid.

Advent has offered $29 per ForeScout share, a premium of nearly 16% to the stock’s Tuesday close.

The U.S.-based cybersecurity firm had sued Advent in May for pulling out of a deal to buy the company for $1.9 billion.

However, under the amended deal, the two parties reached a settlement agreement, and the pending litigation will, as a result, be dismissed.

Forescout said its Board unanimously recommends shareholders tender their shares in support of the deal, which is expected to close in the third quarter.

Advent has partnered with PE firm Crosspoint Capital Partners as an adviser on this deal, the companies said.

Reporting by Ayanti Bera in Bengaluru; Editing by Anil D'Silva and Krishna Chandra Eluri

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