Procera Networks, Inc. (NasdaqGS:PKT) entered into a share purchase agreement to acquire Vineyard Networks Inc. for CAD 28 million on January 7, 2013. As per the deal, CAD 12.6 million will be paid in cash and CAD 15.4 million will be paid in stock, subject to adjustment. Approximately 15% of the total acquisition consideration will be placed into escrow for a period of eighteen months from the closing. The closing of the transaction is subject to customary conditions ... and obtaining certain required consents. Any party to the agreement can terminate the agreement if the transaction is not completed by March 31, 2013. The deal is expected to close on or before January 15, 2013. Vineyard is expected to add approximately $4 million (CAD 3.92 million) to $5 million (CAD 4.92 million) to Procera’s 2013 revenue, with gross margin in excess of 90%, the acquisition is expected to be slightly dilutive to Procera’s 2013 earnings per share and acquisition is expected to be accretive to Procera’s 2014 EPS on a non-GAAP basis. Fran Lowe of Engage PR acted as public relation advisor to Procera Networks. Charles Messman and Todd Kehrli of MKR Group Inc acted as Investor Relations advisor. Mark Longo of LaBarge Weinstein LLP and Blair Forrest of Pushor Mitchell LLP acted as legal advisor to Vineyard Networks. Jeffrey T. Hartlin, Samantha Eldredge, Stephen Harris, Alexander Lee, Todd Schneider, Amy Lawrence and Brianna Dougherty of Paul Hastings LLP acted as legal advisors to Procera Networks. Blake Kim, Seth Ferguson, Piyush Pandey, Morgan Bender, and Andy Chou of Stifel Nicolaus Weisel acted as financial advisor to Procera. Borden Ladner Gervais LLP acted as legal advisor to Procera Networks, Inc. The currency is converted on January 7, 2013 using www.oanda.com.
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