Symantec Completes Sale of Veritas, Now Singularly Focused on Cybersecurity
January 29 2016 - 4:05PM
Business Wire
Board Authorizes $2 Billion Increase to Capital
Return Program; Expects to Return More Than $4 Billion to
Shareholders by End of March 2017
Symantec Corp. (NASDAQ:SYMC) today announced that it has
completed the sale of Veritas to a group of investors led by The
Carlyle Group. In connection with the closing of the transaction,
Symantec received approximately $5.3 billion in after-tax cash
proceeds.
Symantec is on track to return more than $4 billion in capital
to its shareholders by the end of March 2017. This capital return
includes:
- A $500 million accelerated share
repurchase completed in January 2016;
- $1.8 billion remaining at the end of
the Company’s third quarter from its previously announced share
repurchase program; and
- The additional $2 billion of capital
return that the Board announced today.
Michael A. Brown, Symantec president and CEO, said, “Symantec
now has a clear path forward as the global leader in cybersecurity.
With the Veritas transaction completed, Symantec has the increased
financial flexibility to maximize shareholder value through
returning significant capital to shareholders and to consider
acquisition opportunities that will accelerate our unified security
strategy.”
Symantec will provide specifics on its capital return program
during its third quarter earnings conference call, which is
scheduled for Thursday, February 4, 2016.
J.P. Morgan Securities LLC served as financial advisor to
Symantec and Fenwick & West LLP served as legal counsel to
Symantec.
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.
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and other countries. Other names may be trademarks of their
respective owners.
Forward-Looking Statements
This press release contains forward looking statements regarding
the Company’s expected capital return. These statements are subject
to known and unknown risks, uncertainties and other factors that
may cause our actual results to differ materially from results
expressed or implied herein. Such risk factors include general
economic conditions; fluctuations and volatility in the Company’s
stock price; the ability of the Company to successfully execute
strategic plans, including acquisitions or strategic transactions;
maintaining customer and partner relationships; the competitive
environment in the software industry, fluctuations in tax rates and
currency exchange rates; the timing and market acceptance of new
product releases and upgrades; the successful development of new
products, and the degree to which these products and businesses
gain market acceptance. The Company assumes no obligation, and does
not intend, to update these forward-looking statements prior to
reporting its third quarter results. Additional information
concerning risks that could cause actual results to differ from
current expectations is contained in Risk Factors, set forth in
Part I, Item 1A of the Company’s Annual Report on Form 10-K for the
fiscal year ended April 3, 2015.
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version on businesswire.com: http://www.businesswire.com/news/home/20160129005919/en/
MEDIA:Symantec Corp.Kristen Batch,
503-516-6297kristen_batch@symantec.comorINVESTOR:Symantec
Corp.Jonathan Doros, 650-527-5523jonathan_doros@symantec.com
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