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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Acquisitions»McAfee Sells Enterprise Business to Symphony Technology Group for US$4 billion

    McAfee Sells Enterprise Business to Symphony Technology Group for US$4 billion

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    By Tapiwa Matthew Mutisi on March 10, 2021 Acquisitions, Business, Cybersecurity, Security, Technology

    Security vendor McAfee has sold its Enterprise business to a private equity consortium Symphony Technology Group (STG) for US$4 billion and the all-cash transaction is expected to close by the end of 2021, subject to customary regulatory approvals and closing conditions. The Security Vendor’s President and CEO Peter Leav said the transaction allows McAfee to focus on its consumer business. 

    Antivirus Software Pioneer John McAfee Arrested for Tax Evasion, Faces 5 Years Imprisonment
    At close of the transaction, McAfee will retain its name and the Enterprise business will be rebranded in the coming months. The Enterprise division realised US$1.3 billion in net revenue in fiscal year 2020.

    STG managing partner William Chisholm said it was “fully committed to driving the business’ strategy to be the leading device-to-cloud cybersecurity company by partnering with McAfee’s existing team to continue delivering exceptional performance to enterprises and government clients globally.”

    STG’s company portfolio spans software, data, and analytics companies, including fellow cybersecurity vendor RSA, which was purchased from Dell in a US$2 billion deal last February. 

    The Enterprise sale will help reduce McAfee’s debt by approximately US$1 billion. The vendor will also use funds to pay approximately US$175 million in customary transaction expenses and other one-time charges, with the rest of the US$2.75 billion to be distributed by McAfee’s controlled subsidiary, Foundation Technology Worldwide, on a pro rata basis to all holders, including McAfee Corp. 

    McAfee Corp. will use its pro rata portion to pay approximately US$300 million in required corporate taxes and related payments in connection with the transaction, and will use all remaining proceeds to pay a one-time special dividend of US$4.50 per share to holders of its Class A Common Stock. 

    The company also expects to pay approximately US$300 million in additional one-time separation costs and stranded cost optimisation, a portion of which will be expenses paid by proceeds from the transaction.

    Until closing, McAfee will continue to conduct and operate the Enterprise business, while McAfee, STG, and the Enterprise business’ leadership team will partner to plan for a successful transition for the business, its employees, and customers.

    Related

    Acquisition Business Enterprise CEO Peter Leav Consumer Business Cyber Security John McAfee McAfee Private Equity Symphony Technology Group
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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    1. Pingback: Antivirus Software Creator, John McAfee, Found Dead in Spanish Prison | Innovation Village | Technology, Product Reviews, Business

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