Security News > 2021 > March > McAfee sells its Enterprise business for $4 billion

McAfee announced it has entered into a definitive agreement to sell its Enterprise business to a consortium led by Symphony Technology Group in an all-cash transaction for $4.0 billion.

McAfee's Enterprise business has set the pace and standard within the cybersecurity industry for more than 30 years and has become a recognized leader for device-to-cloud cybersecurity solutions.

Divestiture of McAfee Enterprise business for $4.0 billion in cash before tax.

In addition to the repayment of approximately $1 billion of existing McAfee indebtedness, McAfee also expects to use a portion of the proceeds from the transaction to pay approximately $175 million in customary transaction expenses and other one-time charges.

The $2.75 billion of remaining proceeds will be distributed by Foundation Technology Worldwide, McAfee's controlled subsidiary, on a pro rata basis to all holders, including McAfee Corp. McAfee Corp. will use its pro rata portion of such proceeds to pay approximately $300 million in required corporate taxes and related payments in connection with the transaction, and will use all remaining proceeds to pay a one-time special dividend of $4.50 per share to holders of our Class A Common Stock.

Until closing, McAfee will continue to conduct and operate the Enterprise business, while McAfee, STG, and the Enterprise business' leadership team will partner to plan for a successful transition for the business, its employees, and its customers.

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