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Symantec closes Veritas sale, adds $2B to capital return program

Jan. 29, 2016 4:15 PM ETGen Digital Inc. (GEN) StockBy: Eric Jhonsa, SA News Editor
  • As expected, the sale of Symantec's (SYMC) Veritas storage software unit to P-E firm Carlyle has closed today. The closing comes nine days after Symantec announced it had agreed to a deal revision that cuts its after-tax proceeds by $1B to $5.3B.
  • Symantec, now solely focused on security software/services, has used the announcement to state its board has approved a $2B increase for the company's capital return program.
  • Symantec adds it's on track to return over $4B to shareholders by the end of March 2017. $1.8B was left on the company's buyback authorization at the end of FQ3 (calendar Q4), and a $500M accelerated buyback was finished this month. FQ3 results arrive on the afternoon of Feb. 4.

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