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  • Wednesday, April 24, 2024

Symantec Closes $5.3B Veritas Sale to Carlyle Group; Michael Brown Comments


dhs-cyberA group of investors led by Carlyle Group (Nasdaq: CG) has closed its nearly $5.3 billion acquisition of Veritas from Symantec Corp. (Nasdaq: SYMC).

Symantec’s board of directors expects to return $4 billion in accelerated share repurchases and additional capital return to shareholders by the end of March 2017, Symantec said Friday.

Michael Brown, Symantec president and CEO, said the company intends to “maximize shareholder value through returning significant capital to shareholders and to consider acquisition opportunities that will accelerate our unified security strategy.”

Carlyle and Symantec recently modified the value of the deal from $8 billion to $5.3 billion.

J.P. Morgan Securities and Fenwick & West LLP served to advise Symantec on the financial and legal aspects of the transaction.

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