Cybersecurity company Symantec to sell Veritas business for $8 billion in cash

Markets Associated Press

Symantec is selling its Veritas information management business for $8 billion in cash with plans to funnel proceeds back into its main line of work, cybersecurity, and buy back shares.

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The Mountain View, California, company says private equity investment firm The Carlyle Group and Singapore's sovereign wealth fund, GIC, will acquire the business in a deal expected to close Jan 1.

Symantec Corp. expects about $6.3 billion in net proceeds. It says the sale will give it a financial foundation to expand its security business and return of capital to shareholders.

The company says its board has approved a $1.5 billion increase in its share buyback program, and it has decided to maintain its quarterly cash dividend at 15 cents per share.