McAfee Corp. said Monday it has entered an agreement to sell its enterprise business to a consortium led by Symphony Technology Group in an all-cash deal valued at $4 billion. The deal is expected to close by the end of 2021. "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," Chief Executive Peter Leav said in a statement. The company expects to issue a special dividend of about $4.50 per Class A common share once the deal closes. The company will use proceeds to reduce debt by about $1 billion, which is expected to result in a neutral impact to its net leverage ratio. Shares jumped 7% premarket and are up 27% in the year to date, while the S&P 500 has gained 2%.
McAfee Corp. (Nasdaq: MCFE), the device-to-cloud cybersecurity company, today announced it has entered into a definitive agreement to sell its Enterprise business to a consortium led by Symphony Technology Group (STG) in an all-cash transaction for $4.0 billion. The transaction is expected to close by the end of 2021, subject to customary regulatory approvals and closing conditions.
John McAfee, the antivirus software pioneer whose former company still bears his name, has been indicted on fraud and money-laundering conspiracy charges stemming from two cryptocurrency schemes, the U.S. Justice Department said on Friday. Authorities accused McAfee and his bodyguard, Jimmy Gale Watson Jr., of exploiting McAfee's large Twitter following to artificially inflate prices of "altcoins" through a so-called pump-and-dump scheme, and concealing payments McAfee received from startup businesses to promote initial coin offerings.