Deals
Symantec Climbs Following Silver Lake, Elliott Investments
- Silver Lake's $500 million helps fund $5.5 billion buyback
- Quarterly sales, profit top estimates on cybersecurity demand
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Shares in Symantec Corp., the maker of cybersecurity software, rose Friday after getting investments from Silver Lake Management LLC and Elliott Management Corp.
A $500 million injection from Silver Lake, one of the most prominent technology investment firms which also got a seat on the board, should help boost investors’ confidence that Symantec is getting good advice about acquisitions from a partner with its own money at stake. Meanwhile, activist investor Elliott’s purchase of a large stake might increase pressure on Symantec Chief Executive Officer Michael Brown to streamline costs while the company focuses on its core security software and services and targets growth.