Antivirus maker Symantec sells Veritas to a group of buyers led by the Carlyle Group and Singagore's sovereign wealth fund for $8 billion. Shartia Brantley reports.
Antivirus maker Symantec will sell its data storage business Veritas for $8 billion in cash. The buyers include the Carlyle Group and Singapore's sovereign wealth fund GIC. Symantec had been looking to sell Veritas for months as sluggish demand for storage and data management software diminished its value…. Symantec President and CEO Michael A. Brown said: "Reaching a definitive agreement to sell Veritas marks an important inflection point for Symantec. With a strong product pipeline of more than a dozen enterprise security products on track to be released this year, Symantec is now focused on extending its lead as the world's largest cybersecurity company." The deal coincides with Symantec's quarterly earnings report. Revenue declined nearly 14 percent as interest in consumer security products waned. The company also increased its stock buyback program by $1.5 billion to $2.6 billion. Shares were up in early trading.