McAfee Corp. (NASDAQ: MCFE) reported entry into a definitive agreement to sell its Enterprise business to a consortium led by Symphony Technology Group in an all-cash transaction for USD 4 Billion. The transaction is anticipated to close at the end of 2021, subject to certain customary regulatory approvals and closing conditions. McAfee President and Chief Executive Officer, Peter Leav, commented “STG is the right partner to continue strengthening our Enterprise business, and this outcome is a testament to the business’ industry-leading solutions and most notably to the outstanding contributions of our employees.” Leav added, “This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers.”
“McAfee is one of the most iconic brands in enterprise security and has a reputation for innovation, quality and leadership,” said William Chisholm, Managing Partner at STG. “We are fully committed to driving the business’ strategy to be the leading device-to-cloud cybersecurity company by partnering with McAfee’s existing world-class team to continue delivering exceptional performance to enterprises and government clients globally.”
The company expects to pay USD 300 Million in additional one-time separation costs and stranded cost optimization, a portion of which will be expenses paid by proceeds from the transaction.