Blockbuster Veritas Sale Claims Symantec's Q1 Revenues as Collateral Damage

Set to return to its roots as a security software company, Symantec announced that it is selling its Information Management business, Veritas, to the private equity firm Carlyle. The $8 billion cash sale, which comes on the heels of a long-drawn out split off process for Veritas, is expected to close by January 1, 2016. The sale comes as a breather for beleaguered investors as Symantec intends to return about 40% of the after-tax cash proceeds from the transaction to shareholders. With this dead...