Symantec to sell Veritas to The Carlyle Group for $8 Billion
Symantec agreed to sell its information management business, known as Veritas, to an investor group led by The Carlyle Group together with GIC, Singapore’s sovereign wealth fund, and other expected co-investors for $8 billion in cash. The deal is expected to close at the end of the year and Symantec expects to receive approximately $6.3 billion in net cash proceeds, subject to certain customary post-closing adjustments.
Michael A. Brown, Symantec president and CEO, said, “This transaction strengthens our financial foundation, paving the way for Symantec to grow its security business and increase its lead as the world’s largest cybersecurity company. We believe the agreement with the investors, including The Carlyle Group and GIC, delivers an attractive and certain value for the Veritas business, and is in the best interests of all stakeholders.”
In October 2014, Symantec first announced plans to separate into two, independent publicly traded companies: one business focused on security and one business focused on information management (“Veritas”).
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Symantec agreed to sell its information management business, known as Veritas, to an investor group led by The Carlyle Group together with GIC, Singapore’s sovereign wealth fund, and other expected co-investors for $8 billion in cash. The deal is expected to close at the end of the year and Symantec expects to receive approximately $6.3 billion in net cash proceeds, subject to certain customary post-closing adjustments.
