San Francisco, March 9 : Anti-virus software company McAfee has sold its enterprise business to a consortium led by Symphony Technology Group (STG) in an all-cash transaction for $4 billion.
Launched 30 years ago, McAfee’s enterprise business today is a trusted partner for 86 per cent of the Fortune 100 firms around the world and reported $1.3 billion in net revenue in fiscal year 2020.
The transaction is expected to close by the end of this year.
“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,” said Peter Leav, McAfee President and CEO.
“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,” he said in a statement late on Monday.
With this move, McAfee expects to reduce its debts by approximately $1 billion.
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