Symantec Corp. plans to sell its Veritas data-storage business to Carlyle Group LP in a deal set to be announced Tuesday, people with knowledge of the matter said.
Carlyle would pay on the high side of a range between $7 billion and $8 billion, one of the people said. While no deal has been signed, talks are set to wrap up in time for an agreement to be announced Tuesday, the day Symantec reports quarterly earnings, said the people, who asked not to be identified because the discussions are private. Carlyle spokesman Randy Whitestone declined to comment.
Bloomberg News reported July 7 that Carlyle was nearing a deal for the business, which was set to become its own publicly traded company if the transaction talks fell apart.
Symantec bought Veritas in 2005 for more than $13 billion as its largest acquisition. A sale to Carlyle at the planned price would be the largest private equity takeover of a technology company announced this year, according to data complied by Bloomberg.
Symantec shares have dropped 11 percent this year, compared with a 7.7 percent gain for the Nasdaq Composite Index.