The $1.2 billion all-cash deal is expected to close in the Q4 of 2021.
FireEye shares tanked 10% in the stock market on Thursday morning.
FireEye Inc (NASDAQ: FEYE) shares tanked about 10% on Thursday morning as the cybersecurity firm announced a definitive agreement with Symphony Tech-led investor group to sell its Products business for $1.2 billion in cash before transaction-related costs and taxes.
The transaction is expected to close in Q4 of 2021
FireEye’s Products business include network, email and cloud security products, which will be separated from its cyber forensics unit, Mandiant Solutions, upon completion of the transaction that is expected in Q4 of 2021.
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Cybersecurity firm FireEye Inc. today announced that it will sell its products group to private equity company Symphony Technology Group for $1.2 billion.
Under the deal, FireEye is also selling its name and core business but will retain assets that were acquired from Mandiant Inc. in a $1 billion stock-and-cash deal in 2014.
The sale is described as separating FireEye’s network, email, endpoint and cloud security products, along with the related security management and orchestration platform, from Mandiant’s controls-agnostic software and services. The goal is “enabling both organizations to accelerate growth investments, pursue new go-to-market pathways, and focus innovation on their respective solutions.” In effect, Mandiant returns as a separate company years after it was acquired.