MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
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.
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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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