Symantec Announces Closing of $500 Million Silver Lake Strategic Investment
05 March 2016 - 8:05AM
Business Wire
Ken Hao Joins the Symantec Board of
Directors
Symantec Corp. (NASDAQ:SYMC) today announced that it has closed
the previously announced transaction with Silver Lake, pursuant to
which Silver Lake made a $500 million strategic investment in
Symantec.
With the closing of this investment, Ken Hao, managing partner
of Silver Lake, has been appointed to the Symantec Board of
Directors, effective immediately. The Symantec Board is now
comprised of ten directors, nine of whom are independent.
In connection with this investment, and as previously announced,
Symantec’s Board increased its total capital return program to $5.5
billion and plans to return the full $5.5 billion by the end of
March 2017.
“Today marks an important milestone in our path forward as a
focused security company. We are well-positioned to deliver on our
unified security strategy and return significant value to
shareholders,” said Michael A. Brown, Symantec president and CEO.
“We believe Ken’s deep insights in the technology industry will
benefit Symantec and our shareholders, and we are pleased to
welcome him to the Board.”
Additional information regarding the nature and the terms of the
investment may be found in the Current Report on Form 8-K that the
Company will file on March 7, 2016 with the U.S. Securities and
Exchange Commission.
J.P. Morgan Securities LLC served as financial advisor to
Symantec and Fenwick & West LLP served as legal counsel to
Symantec.
About Silver Lake
Silver Lake is the global leader in technology investing, with
over $26 billion in combined assets under management and committed
capital. The firm’s portfolio of investments collectively generates
more than $85 billion of revenue annually and employs more than
170,000 people globally. Silver Lake has a team of approximately
100 investment and value creation professionals located in New
York, Menlo Park, San Mateo, London, Hong Kong and Tokyo. The
firm’s current portfolio includes leading technology and
technology-enabled businesses such as Alibaba Group, Avaya,
Broadcom Limited, Cast & Crew, Ctrip, Dell, Global Blue,
GoDaddy, Intelsat, Motorola Solutions, Quorum Business Solutions,
Red Ventures, Sabre, SMART Modular, Vantage Data Centers, and
WME/IMG. For more information about Silver Lake and its entire
portfolio, please visit www.silverlake.com.
About Symantec
Symantec Corporation (NASDAQ:SYMC) is the global leader in
cybersecurity. Operating one of the world’s largest cyber
intelligence networks, we see more threats, and protect more
customers from the next generation of attacks. We help companies,
governments and individuals secure their most important data
wherever it lives.
NOTE TO EDITORS: If you would like additional information
on Symantec Corporation and its products, please visit the Symantec
News Room at http://www.symantec.com/news.
Symantec and the Symantec Logo are trademarks or registered
trademarks of Symantec Corporation or its affiliates in the U.S.
and other countries. Other names may be trademarks of their
respective owners.
Forward-Looking Statements
This press release contains forward looking statements regarding
the Company’s expected capital return. These statements are subject
to known and unknown risks, uncertainties and other factors that
may cause our actual results to differ materially from results
expressed or implied herein. Such risk factors include general
economic conditions; fluctuations and volatility in the Company’s
stock price; the ability of the Company to successfully execute
strategic plans, including acquisitions or strategic transactions;
maintaining customer and partner relationships; the competitive
environment in the software industry, fluctuations in tax rates and
currency exchange rates; the timing and market acceptance of new
product releases and upgrades; the successful development of new
products, and the degree to which these products and businesses
gain market acceptance. The Company assumes no obligation, and does
not intend, to update these forward-looking statements prior to
reporting its fourth quarter and fiscal year 2016 results.
Additional information concerning risks that could cause actual
results to differ from current expectations is contained in Risk
Factors, set forth in Part I, Item 1A of the Company’s Annual
Report on Form 10-K for the fiscal year ended April 3, 2015.
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version on businesswire.com: http://www.businesswire.com/news/home/20160304005769/en/
MEDIA:Symantec Corp.Kristen Batch,
503-516-6297kristen_batch@symantec.comorINVESTOR:Symantec
Corp.Jonathan Doros, 650-527-5523jonathan_doros@symantec.com
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