Symantec (SYMC) complete sale of Veritas

Symantec Corp has announced that it has completed the sale of Veritas to a group of investors led by The Carlyle Group. In connection with the closing of the transaction, Symantec received approximately $5.3 billion in after-tax cash proceeds.

Symantec is on track to return more than $4 billion in capital to its shareholders by the end of March 2017. This capital return includes:

• A $500 million accelerated share repurchase completed in January 2016;
• $1.8 billion remaining at the end of the Company’s third quarter from its previously announced share repurchase program; and
• The additional $2 billion of capital return that the Board announced today.

Michael A. Brown, Symantec president and CEO, said, “Symantec now has a clear path forward as the global leader in cybersecurity. With the Veritas transaction completed, Symantec has the increased financial flexibility to maximize shareholder value through returning significant capital to shareholders and to consider acquisition opportunities that will accelerate our unified security strategy.”

Symantec will provide specifics on its capital return program during its third quarter earnings conference call, which is scheduled for Thursday, February 4, 2016.

J.P. Morgan Securities LLC served as financial advisor to Symantec and Fenwick & West LLP served as legal counsel to Symantec.