Symphony Technology to acquire Cybersecurity Firm McAfee for $4 billion

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American Cybersecurity firm McAfee has made it official that it is going to sell its enterprise business to Symphony Technology Group (STG) for all cash $4bn. However, the acquisition is subjected to certain terms that will have to be endorsed by the consortium led by STG and if all goes well will get completed by the end of 2021.

Highly placed sources say that the enterprise business name might get changed in coming months, while the ‘consumer only’ business will remain intact.

Trade analysts say that the security firm is intending to use $1 billion to clear all its debts and might use other in the business’s development in the respective segment.

Peter Leav, President and CEO of McAfee has confirmed the news and said that the new partnership will help strengthen his enterprise business in the industry and will help the company in focusing more on consumers’ personal security solutions.

Note- In March 2021, John McAfee, who founded the security business in 1987 and resigned the company in 1994 was in news for all wrong reasons. He along with a former employee( Jimmy Watson Junior- ex-executive advisor) of the Santa Clara based company has been indicted for misusing the company’s twitter account for promoting a business related to cryptocurrency altcoins. John who is now 75-year-old is currently living in Spain and as per a pronouncement from US DoJ will be soon extradited to US for tax evasion and indulging in fraudulent money laundering tactics and schemes- all done between Dec’17- Dec’18.

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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