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History 2005: Symantec Acquires Veritas for $13.5 Billion

Security and storage more than just friends

≠1 in security software buys ≠2 in storage software.

The deal:

  • Veritas shareholders will receive a tax-free exchange ratio of 1.1242 shares of Symantec common stock for each of their shares. Symantec will issue 493.5 million shares of common stock to Veritas shareholders.
  • Based upon stock prices on December 16th, the day following the announcement, the transaction is valued at $13.5 billion.
  • Ultimately, Symantec shareholders will own 60% of the combined company, Veritas shareholders 40%.
  • Symantec will be the name of the combined company, with Symantec’s John Thompson remaining on as chairman and CEO, while Veritas’ president, chairman and CEO, Gary Bloom, will become vice-chairman and president. Both will sit on the board of the new Symantec, which will now be comprised of 6 members from old Symantec and 4 from Veritas.
  • The transaction is expected to close in 2005.

 

Symantec Veritas 1719134634

Symantec Veritas F2

This article is an abstract of news published on issue 205 on January 2005 from the former paper version of Computer Data  Storage Newsletter.

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