Symantec has agreed to acquire Blue Coat for $4.65 billion in cash, in a deal that has been approved by the board of directors of both companies and which is expected to close in the third quarter. Upon closing, Symantec will be led by Blue Coat CEO Greg Clark, who will also join the Symantec board.

Symantec intends to finance the transaction with cash on the balance sheet and $2.8 billion worth of new debt. JPMorgan is acting as lead financial advisor to Symantec. Barclays, BofA Merrill Lynch, Citi, JPMorgan and Wells Fargo Securities are acting as financial advisors and are providing debt financing to Symantec.

The combined company plans to protect customers against more cyber threats, help enterprises securely embrace the cloud, and push investment in cyber R&D and threat research.

The company is aiming to pay down a significant portion of this debt within the next several years with cash on the balance sheet and through cash generation. The transaction is subject to the satisfaction of customary closing conditions, including applicable regulatory approvals.