Paul Hastings is advising private equity firm Symphony Technology Group, which leads a consortium that agreed to buy McAfee Corp.'s enterprise business.
Ropes & Gray is advising McAfee on the $4 billion all-cash transaction, expected to close by the end of 2021. The cybersecurity company plans to use proceeds from the transaction to reduce its debt by about $1 billion.
“We are fully committed to driving the business’ strategy to be the leading device-to-cloud cyber security company,” William Chisholm, Symphony’s managing partner, said in a statement.
The McAfee unit brought in $1.3 billion in revenue in fiscal 2020 by providing cyber security to 86% of Fortune 100 firms, according to the statement.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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