Symantec, Carlyle Group Modify Proposed Veritas Deal's Value, Terms

The Carlyle Group (Nasdaq: CG) will pay $7.4 billion to acquire Symantec (Nasdaq: SYMC) subsidiary Veritas under amended financial terms of a proposed acquisition deal the parties expect to close Jan. 29.

Symantec and Carlyle previously announced an $8 billion purchase price for the data management business.

Michael Brown, Symantec president and CEO, said Tuesday the sale “will allow Symantec to further focus and accelerate its strategy” in the cybersecurity market.

Symantec could receive about $5.3 billion in cash proceeds from the modified transaction and a potential future consideration that comprises $6.6 billion in additional cash payments and $400 million in Veritas shares.

Alston & Bird and Latham & Watkins 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.

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