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Symantec welcomes USD 500 mln, board member from Silver Lake
2016-02-05 09:25:00| Telecompaper Headlines
(Telecompaper) Symantec has received a USD 500 million investment from Silver Lake, with Ken Hao, a managing partner at the private equity firm, taking a seat on the company's board, the Wall Street Journal reported. With the money, Symantec will buy back more shares, cut costs and push forward on a transformation plan it launched in 2014. It also plans to return USD 5.5 billion in capital to shareholders in the coming year, also using proceeds from the recent sale of its Veritas data-storage and recovery business. Activist hedge fund Elliott Management has aso been amassing a large stake in Symantec, becoming one of its largest shareholders, according to people familiar with the matter.
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Category:Telecommunications