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A global surveillance deal

Private equity firm Francisco Partners yesterday offered to buy Sandvine Corp., a Toronto-listed provider of network policy control solutions, for C$4.15 per share. This tops a C$3.80 per share bid from Vector Capital, which SandVine previously accepted and gave the company a fully-diluted equity value of around C$483 million. Vector now has five days to figure out its next step, but this deal might have more consequence than a typical private equity bidding war, particularly in the area of global surveillance.