Enterprise business owned by anti-virus software company McAfee has been owned by Symphony Technology Group (STG) in an all-cash transaction for $4 billion.
The transaction is likely to close by the end of this year.
Peter Leav, McAfee president and CEO said “STG is the right partner to continue strengthening our Enterprise business, and this outcome is a testament to the business’ industry-leading solutions and most notably to the outstanding contributions of our employees.” In a statement released on Monday, Leav further said that “This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers.”
McAfee took this decision to bring down the debt by $1 billion. In addition to the repayment of this debt worth $1 billion, the anti-virus company also expects to use a portion of the proceeds from the transaction to pay approximately $175 million in customary transaction expenses and other one-time charges.
William Chisholm, managing partner at STG said “We are fully committed to driving the business’ strategy to be the leading device-to-cloud cybersecurity company by partnering with McAfee’s existing world-class team to continue delivering exceptional performance to enterprises and government clients globally.”
On the other hand, the company said “McAfee will retain its name and will continue its singular focus on delivering leading solutions to protect consumers and being a leader in personal security for consumers. The Enterprise business will be re-branded, which is expected to occur in the coming months.”