On Monday, McAfee Corp stated that it would sell its enterprise business to a consortium led by Symphony Technology Group for $4 billion in cash. This move increased the cybersecurity firm’s shares by nearly 3% in premarket trade.
McAfee stated that the deal, subject to customary regulatory approvals and closing conditions, is expected to close by the end of this year.
McAfee in the last few years had strengthened its main cybersecurity software business. This business focuses on retail customers via price increases, new partner programs and good retention rates.
The enterprise business recorded over $1.3 billion in net revenue in the fiscal year 2020.
While Ropes & Gray LLP served as legal advisors; Goldman Sachs & Co LLC and Morgan Stanley & Co LLC acted as financial advisers to McAfee. UBS Investment Bank, Jefferies LLC and BofA Securities acted as financial advisers, and Paul Hastings LLP acted as legal adviser to Symphony.
