Symantec Announces Closing of $500 Million Silver Lake Strategic Investment

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

Symantec Corp. 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 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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