More than a year after the decision to split was revealed, and after a delay and a price adjustment, Symantec has officially closed on its separation from storage company Veritas.
The sale of Veritas to private equity firm The Carlyle Group officially completed at Friday's stock market close, putting US$5.3 billion in after-tax proceeds in the security company's pockets.
The process of splitting Symantec in two began back in October 2014, when the Mountain View, California-based company first revealed its intention to split from its storage business, Veritas. This past August, the company said, instead of simply splitting the company, it would be selling Veritas to The Carlyle Group for US$8 billion. The two companies started operating independently in October 2015.
Since then, the company pushed back the expected close date of the acquisition from 1 January to 29 January and lowered its sale price from US$8 billion to US$7.4 billion.
John Thompson, Symantec global vice president of partner and channel sales, said the split finalisation is a "big deal" for the vendor and clears a path for it to focus on its Unified Security strategy. He said Symantec employees did most of their celebrating of the operational split in October, but that "there is still singing and dancing in the hallways today".
"Today marks a new dawn for Symantec and its partners," Thompson said. "Symantec has completed the sale of Veritas and now we are solely focused on cybersecurity. I think that's going to be good for partners and good for Symantec."