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McAfee sells the company's business for $4 billion


Cybersecurity firm McAfee said Monday that it is selling its corporate-focused business to a consortium led by Symphony Technology Group for $4 billion in cash,

The transaction is expected to close by the end of 2021, subject to regulatory approvals and closing conditions.

In the past few years, McAfee has strengthened its core cybersecurity software business focused on retail customers by increasing prices, new partner programs and good retention rates.

McAfee's enterprise-focused business has set standards in the cybersecurity industry for more than 30 years and has become a recognized leader of device-to-cloud cybersecurity solutions.

It is a trusted partner of about 86 percent of major companies around the world, generating $1.3 billion in net income in fiscal 2020.

Peter Leav, President and CEO of McAfee, commented: "Symphony Technology Group is the right partner to further strengthen our corporate business, and this result is a testament to the industry's leading business solutions, particularly the outstanding contributions of our employees.

"This deal allows McAfee to focus uniquely on our consumer business and accelerate our strategy to be a leader in consumer personal security.

"McAfee is one of the most renowned corporate security brands with a reputation for innovation, quality, and leadership," said William Chisholm, Managing Partner, Symphony Technology Group.

"We are committed to leading the company's strategy to be a leader in cybersecurity by partnering with McAfee's current world-class team to continue delivering exceptional performance to corporate and government customers worldwide.

McAfee continues to manage and operate the company's business until the close of the transaction, while McAfee and Symphony Technology Group are involved in planning a successful transition for the company, its employees, and customers.

McAfee retains its name and continues to focus on providing leading consumer protection solutions in the area of personal security, and the business of the organization, which is expected to occur in the coming months, is being renamed.