Symantec To Get $1 Billion Less Cash For Veritas, Updates Outlook

Symantec Corp. said late Tuesday it will get about $1 billion less cash from Carlyle Group LP for the sale of its Veritas data-storage and recovery business to the private-equity firm. In August, Symantec announced the $8 billion deal, which would have yielded $6.3 billion in after-tax proceeds. Now, under an amended deal valued at $7.4 billion, Symantec will get about $5.3 billion in cash after tax and $400 million equity in Veritas. Symantec said it and Carlyle amended the terms "after uncertainties developed regarding the transaction." Symantec said it expects adjusted third-quarter earnings to be "above the midpoint of the guidance provided" back in November, when it had forecast adjusted third-quarter earnings of 22 cents to 25 cents a share. Analysts surveyed by FactSet had estimated 24 cents a share.

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