By Maria Armental 

Private-equity firm Carlyle Group LP will pay $7.4 billion for Symantec Corp.'s Veritas data-storage and recovery business, a downward revision citing "uncertainties" that surfaced following the August deal announcement.

Under the revised terms, Carlyle will pay $6.6 billion in cash, rather than the previous $8 billion the two companies had agreed on. To make up for the difference, Carlyle is also to take a $400 million equity interest in Veritas and will double the amount of offshore cash remaining in Veritas to $400 million.

The deal is expected to close on Jan. 29.

Carlyle's stock rose 3% in late trading to $13.40, while the cybersecurity company's edged down to $19.02.

Meanwhile, Symantec said it expects to report adjusted earnings and revenue above the midpoint of guidance it gave Nov. 5 for its fiscal third quarter.

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

January 19, 2016 18:46 ET (23:46 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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