Symantec Agrees To Sell Veritas To The Carlyle Group, GIC For $8 Billion Cash

Symantec Corp. said Tuesday it has agreed to sell its information management business Veritas to an investor group led by The Carlyle Group and GIC, the Singaporean sovereign wealth fund, for $8 billion in cash. Symantec expects to receive $6.3 billion in net cash proceeds and will increase its share buyback program to $2.6 billion and maintain its 15 cents-per-share quarterly dividend. "This transaction strengthens our financial foundation, paving the way for Symantec to grow its security business and increase its lead as the world's largest cybersecurity company," Chief Executive Michael Brown said in a statement. The deal is expected to close by Jan. 1, 2016. Shares were halted for news pending, but are down about 11% in the year so far, while the S&P 500 has gained 2.2%.