Carlyle Group LP acquired Symantec Corp.’s Veritas data-storage unit for $8 billion in cash, the largest private-equity takeover of a technology company this year.
Symantec expects to receive approximately $6.3 billion in net cash proceeds
Raises stock repurchase program to $2.6 billion and maintains dividend at $0.15
Equity for the deal will come from the Carlyle group VI fund, GIC, Singapore’s sovereign wealth fund; and other co-investors, Washington-based Carlyle said Tuesday in a statement.
The Carlyle Group has announced that Bill Coleman, the founder of software company BEA Systems Inc., will become chief executive officer, and Bill Krause, a Carlyle operating executive who previously was president and CEO of 3Com, will be chairman, upon closing of the transaction.
The deal is expected to be completed around year-end.
Symantec bought Veritas, which is based in Mountain View, California, in 2005 for more than $13 billion as its largest acquisition.