McAfee Enterprise business plans new debt for buyout by Symphony

By Sara Rosenberg

New York, March 8 – McAfee Corp.’s Enterprise business (Magenta Buyer LLC) has received a commitment for debt financing to help fund its acquisition by a consortium led by Symphony Technology Group, according to an 8-K filed with the Securities and Exchange Commission on Monday.

UBS Investment Bank, Jefferies Finance LLC and Bank of America are providing the financing for the acquisition.

Under the agreement, the Enterprise business is being bought from McAfee Corp. in an all-cash transaction for $4 billion.

Closing is expected by the end of 2021, subject to customary regulatory approvals and conditions.

McAfee expects to reduce debt by about $1 billion with a portion of the proceeds from the sale.

The Enterprise business is a provider of device-to-cloud cybersecurity solutions.

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