Elliott and Siris Explore $2B-Plus Sale of Gigamon
BAC sits 16% above its 52-week low of $46.115.
Summary
Elliott Investment Management and Siris are exploring a sale of Gigamon, the infrastructure software provider they own, which could value the company at more than $2 billion. Bank of America and Perella Weinberg Partners have been hired to advise on the process, which is in early stages. Gigamon generates over $400 million in annual recurring revenue and about $170 million in EBITDA. The sale could attract private equity and strategic buyers interested in network monitoring, cybersecurity, and cloud infrastructure. For Bank of America, this represents a potential advisory mandate on a sizable technology deal, though the outcome and timing remain uncertain.
At the time of this announcement, BAC was trading at $53.42 on NYSE in the Technology sector, with a market capitalization of approximately $373.5B. The 52-week trading range was $46.12 to $65.23. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.