From InfoWorld: Symantec is selling its information management business, known as Veritas, to an investor group led by The Carlyle Group for $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.
Symantec first revealed its intention to spin off its information management business in October last year, about 10 years after it acquired Veritas Software in a deal valued at approximately $13.5 billion. The rebirth of the Veritas brand was then announced in January.
View: Article @ Source Site
