Symantec finally sells Veritas for $8 billion to investment group
Symantec is selling its information management business, known as Veritas, to an investor group led by The Carlyle Group for US$8 billion as it looks to increase its focus on security.The sale is something Symantec has been working on for the better part of a year. The group buying Veritas also includes GIC, Singapore’s sovereign wealth fund, and other expected co-investors, Symantec said on Tuesday. Upon closing of the transaction, Symantec expects to receive about $6.3 billion in net cash.The plan is to return some of the proceeds to shareholders while also giving development of security products and services a cash injection. Like most areas of IT, security is going though a major change thanks to the growing popularity of cloud services.To read this article in full or to leave a comment, please click here