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Symantec stock rallies after $4.65B acquisition

A senior lab systems engineer for Symantec Corp., works on network servers at the company's headquarters in Mountain View, California.
Tony Avelar | Bloomberg | Getty Images
A senior lab systems engineer for Symantec Corp., works on network servers at the company's headquarters in Mountain View, California.

Symantec's stock rose over 5 percent Monday after the company announced it will acquire privately-held cybersecurity firm Blue Coat for $4.65 billion.

The transaction is expected to close by the end of the third quarter, after which Blue Coat CEO Greg Clark will be appointed chief executive of Symantec.

"With employees of Blue Coat and Symantec coming together, we will be well positioned to drive meaningful growth and push the boundaries of innovation. I am very excited about the opportunity to join Symantec as CEO and look forward to working with the strongest, deepest team in security to realize the many strategic and financial benefits this transaction will create," Clark said in a statement.

Despite Monday's pop, Symantec shares remained 13 percent lower year to date.

Symantec 1-year performance