Symantec and The Carlyle Group Amend Terms of Veritas Purchase Agreement

MOUNTAIN VIEW, Calif. & WASHINGTON--(BUSINESS WIRE)--Symantec Corp. (NASDAQ:SYMC) and The Carlyle Group (NASDAQ:CG) today announced that they have amended the purchase agreement for Carlyle’s acquisition of Symantec’s Veritas information management business. Under the amended terms, the purchase price will be $7.4 billion. Symantec and Carlyle also agreed to increase the amount of offshore cash remaining in Veritas from $200 million to $400 million, which will result in a net consideration to Symantec of $7 billion. This consideration will consist of $6.6 billion in cash and a $400 million equity interest in Veritas. Upon closing of the transaction, Symantec expects to receive approximately $5.3 billion in after-tax cash proceeds and the equity interest in Veritas compared to $6.3 billion after-tax proceeds under the prior purchase agreement.