The Carlyle Group (Nasdaq: CG) will pay $7.4 billion to acquire Symantec (Nasdaq: SYMC) subsidiary Veritas under amended financial terms of aÂ proposed acquisition deal the parties expect to close Jan. 29.
Symantec and Carlyle previously announcedÂ an $8 billion purchase price for theÂ data management business.
Michael Brown, Symantec president and CEO, said Tuesday theÂ saleÂ “will allowÂ SymantecÂ to further focus and accelerate its strategy” in the cybersecurity market.
SymantecÂ could receive about $5.3 billion in cash proceeds from the modified transaction and aÂ potentialÂ future consideration that comprises $6.6 billion in additional cash payments andÂ $400 million inÂ Veritas shares.
Alston & Bird and Latham & WatkinsÂ have acted as legal counsels to Carlyle on the transaction, while J.P. Morgan Securities and Fenwick & West respectively served as financial and legal advisers to Symantec.