Data-Deposit-Box-DataDepositBox-Online-Backup-Cloud-Data-Remote-Backup

MOUNTAIN VIEW, Calif. & WASHINGTON, DC – January 19, 2016 – /BackupReview.info/ — Symantec Corp. (NASDAQ: SYMC) and The Carlyle Group (NASDAQ: CG) today announced that they have amended the purchase agreement for Carlyle’s acquisition of Symantec’s Veritas information management business.

Under the amended terms, the purchase price will be $7.4 billion. Symantec and Carlyle also agreed to increase the amount of offshore cash remaining in Veritas from $200 million to $400 million, which will result in a net consideration to Symantec of $7 billion. This consideration will consist of $6.6 billion in cash and a $400 million equity interest in Veritas.

Upon closing of the transaction, Symantec expects to receive approximately $5.3 billion in after-tax cash proceeds and the equity interest in Veritas compared to $6.3 billion after-tax proceeds under the prior purchase agreement.

Symantec and Carlyle entered into the amended terms after uncertainties developed regarding the transaction. Both Symantec and Carlyle believe that all key conditions to closing have been satisfied and intend to close the transaction on January 29, 2016.

Michael A. Brown, Symantec president and CEO, said, “In a difficult environment, we can move forward with a high degree of certainty around closing a transaction that represents attractive value for shareholders. In addition, this transaction will allow Symantec to further focus and accelerate its strategy as the world’s leading cybersecurity company.”

Peter Clare, Carlyle Managing Director and Co-Head of US Buyouts, said, “Carlyle remains excited about the long-term value creation opportunity at Veritas and looks forward to closing the acquisition on January 29th.”

J.P. Morgan Securities LLC is serving as financial advisor to Symantec and Fenwick & West LLP is serving as legal counsel to Symantec. Alston & Bird LLP and Latham & Watkins LLP are serving as legal counsel to Carlyle.

About Symantec
Symantec Corporation (NASDAQ: SYMC) is the global leader in cybersecurity. Operating one of the world’s largest cyber intelligence networks, we see more threats, and protect more customers from the next generation of attacks. We help companies, governments and individuals secure their most important data wherever it lives.

NOTE TO EDITORS: If you would like additional information on Symantec Corporation and its products, please visit the Symantec News Room at http://www.symantec.com/news.

Symantec and the Symantec Logo are trademarks or registered trademarks of Symantec Corporation or its affiliates in the U.S. and other countries. Other names may be trademarks of their respective owners.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 fund of funds vehicles as of September 30, 2015. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments –Corporate Private Equity, Real Assets, Global Market Strategies and investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,700 people in 35 offices across six continents.

Forward-Looking Statements
This press release contains statements regarding the closing and benefits of Symantec’s sale of Veritas to The Carlyle Group, which may be considered forward-looking within the meaning of the U.S. federal securities laws. These statements are subject to known and unknown risks, uncertainties and other factors that may cause such timing to differ from that expressed or implied in this press release. Such risk factors include the risk of continued satisfaction of the closing conditions set forth in the definitive agreement for the transaction, the risk that the transaction may not be completed when expected, and risks associated with the future value of Symantec’s equity interest in the Veritas acquiror. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments.

Contacts
Symantec
For Media
Kristen Batch, 503-516-6297
kristen_batch@symantec.com
or
For Investors
Jonathan Doros, 650-527-5523
jonathan_doros@symantec.com
or
The Carlyle Group
Liz Gill, 202-729-5385
Elizabeth.gill@carlyle.com

Source: Symantec

 

 

General Tags: software as a service, online backup providers directory, top rated online backups, online backup reviews, online backup news, data storage, data security, online file backup, online backup services, online data backup, online backup companies, online backup, online file storage, SaaS, CEO interviews, backing up online, compare online backups, cloud computing

Like us on Facebook




===========================
Do you like this post? Subscribe to our RSS feed ===========================

Sponsored Links:

Data Deposit Box

Asigra

Bacula Systems


Cloud-based-Online-Backup-Disaster-Recovery-Data-Storage-by-Bacula-Systems-in-Switzerland

Share/Save/Bookmark

Related posts:

  1. Symantec and The Carlyle Group Plan to Close Acquisition of Veritas January 29, 2016
  2. Symantec Completes Sale of Veritas, Now Singularly Focused on Cybersecurity
  3. Symantec Selects Veritas Technologies Corporation as the Name for its Independent Information Management Company
  4. Cloudian HyperStore Selected As Cloud Storage Platform For Symantec Veritas NetBackup 7.7
  5. Columbia Pipeline Group in $180-Million IBM Cloud, Services Agreement
  6. StorageCraft Offers Competitive Upgrade Pricing to Veritas Customers
  7. Veritas Unveils Major Advances in Cloud Backup and Turbocharges Performance With the Release of NetBackup 7.7
  8. Quest Software Enters Into Agreement with Insight Venture Partners to Become Private Company in Transaction Valued at $2.0 Billion
  9. Cancer Research Group Modernizes Their Virtual Backup and Recovery with Symantec’s Backup Exec 2012
  10. Iron Mountain Reaches Agreement in Principle to Acquire Information Management Operations of Santa Fe Group A/S in Ten Regions, Expanding European and Asian Footprint

Tags: ,