Carlyle to Acquire Veritas from Symantec in $8B Transaction
August 12, 2015
The Carlyle Group has agreed to acquire Veritas, an information management systems provider, from Symantec (NASDAQ: SYMC) in an $8 billion all cash deal. Equity for the transaction will come from Carlyle Partners VI, which closed on $13 billion in 2013. Founded in 1983, Veritas is a provider of storage and server management software solutions with offerings that enable customers to protect and manage critical IT infrastructure and applications. It operates through four primary product segments: backup & recovery, integrated appliances, information intelligence and information availability. Upon closing of the transaction, expected by January 1, 2016, Symantec expects to receive approximately $6.3 billion in net cash proceeds, subject to certain post-closing adjustments. Singapore's sovereign wealth fund GIC and other co-investors will invest alongside Carlyle. BofA Merrill Lynch, Morgan Stanley,UBS and Jefferies have agreed to provide debt financing for the deal.