Cybersecurity company McAfee announced this morning that it has signed a definitive contract to sell its Enterprise area (business with legal entities) to a consortium led by Symphony Technology Group (STG), in a cash transaction in the amount of $ 4.0 billion. The expectation of the parties is that the transaction will be completed by the end of 2021, even though it is subject to customary regulatory approvals and closing conditions. STG is a private equity firm based in Palo Alto, California.
McAfee will keep its name and continue to focus on providing solutions to protect consumers. The Enterprise business will have a new name within the next few months.
In addition to the disbursement of approximately $ 1 billion to pay off existing debt, McAfee plans to use a portion of the proceeds from the transaction to pay approximately $ 175 million in customary transaction fees and other charges, the statement said. The remaining $ 2.75 billion will be distributed proportionately by the Foundation Technology Worldwide subsidiary to all partners, including McAfee Corp. McAfee Corp. will use its pro rata portion to pay approximately $ 300 million in taxes and payments related to the transaction, with the remaining proceeds earmarked for a special one-time dividend of $ 4.50 per share to holders of Class A Common Shares.
Until closing, McAfee will continue to conduct and operate the Enterprise business, while McAfee, STG and the Enterprise business leadership team will partner to plan a successful transition for the business, its employees and customers.
With international agencies