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  • Tuesday, April 23, 2024

Reports: Symantec Talks Potential Veritas Sale to Carlyle Group for $8B


acquisitionSymantec (Nasdaq: SYMC) and private equity firm Carlyle Group are discussing the potential $7 billion to $8 billion sale of the former’s Veritas data storage business unit, Bloomberg reported Wednesday.

Alex Sherman, Kiel Porter and Jordan Robertson write that negotiations on the potential deal’s terms are still underway.

Sources told Bloomberg that interested strategic buyers dropped out because a private equity company such as Carlyle Group looked to be the best fit to revitalize Veritas.

Veritas posted a 2-percent increase in revenue and 15-percent drop in operating income in the past fiscal year, Sherman, Porter and Robertson report.

The news on the potential sale comes nearly 10 months after Symantec CEO Michael Brown announced plans to split the company’s data storage and security businesses.

Greg Roumeliotis also reports Tuesday on Reuters that Symantec and other legacy technology companies have been seeing investor interest in building business agility through divestitures or spinoffs.

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