UPDATE 1-Websense to go private for $907 mln

Websense Inc said it had agreed to be taken private by Vista Equity Partners in a deal that values the online security firm at about $907 million.

The offer of $24.75 per share represents a roughly 29 percent premium to Websense's Friday close on the Nasdaq.

"After detailed discussions with several potential acquirers, the Websense board of directors is pleased to approve this agreement," Chairman John Carrington said.

Vista Equity is a private equity firm that invests primarily in software companies and has about $6 billion in assets.

Websense, which expects the deal to close before the end of the third quarter, said its senior management was expected to continue with the company and its headquarters would remain in San Diego.

BofA Merrill Lynch is the financial adviser to Websense and Cooley LLP its legal adviser.

Kirkland & Ellis LLP is Vista's legal adviser and J.P. Morgan Securities, RBC Capital Markets and Guggenheim Partners have agreed to provide debt financing for the deal.

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