McAfee is changing owners again as part of a $4 billion all-cash transaction that includes the sale of its enterprise business unit.
McAfee, based in San Jose, Calif., announced on Monday it was selling its enterprise operations Symphony Technology Group (STG), a private equity firm that also owns security behemoth RSA Corp.
The decision to shed the enterprise business follows a similar move by McAfee’s traditional rival Symantec, which sold off its enterprise unit and rebranded as the NortonLifeLock consumer security brand.
McAfee President and CEO Peter Leav said the enterprise company will be rebranded at a later date. “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.”
Leav described STG as the right partner to continue strengthening McAfee’s enterprise business and said the latest sale is “testament to the business’ industry-leading solutions and most notably to the outstanding contributions of our employees.”
The transaction is expected to close by the end of 2021, subject to customary regulatory approvals and closing conditions.
McAfee said its business-facing enterprise business is popular among Fortune 100 firms around the world, pulling in about $1.3 billion in net revenue in fiscal year 2020.
Last October, McAfee set the terms for an initial public offering (IPO) while announcing it was offering roughly 31 million of its own shares.
The company revealed in an S-1 form filed with the U.S. Securities and Exchange Commission that it’s offering a total of 37 million shares, ..
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