Symantec ‘Nearing’ £5.2bn Veritas Sale To Carlyle

Symantec is close to closing a deal to sell its Veritas information management business to Carlyle Group LP for $7 to $8 billion (£4.55 to 5.2bn), according to reports.

The security giant, which bought Veritas for $13 billion (£8.44bn) in 2005, is is set to off-load the firm this year so both parties can focus on their relative specialities.

Sources told Reuters that Symantec is still negotiation terms of the possible transaction.

Negotiating

This week, TechWeekEurope held the first ever UK media interview with Veritas as a separate company, and was told that although no information of a sale could be discussed, Symantec owes it to the firm’s shareholders to keep the idea open.

Veritas said this morning that it is the company’s “longstanding policy” not to comment on rumours or market speculation.

“Veritas spins out as $2.7 billion company,” Matt Ellard, Veritas’ senior vice president for EMEA told TechWeekEurope. “There’s a lot of headroom for us to expand and grow, especially with an adjacent market opportunity of about $6 billion. I think we’ll have a nice enough market to go and run out as Veritas.”

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