McAfee Enterprises, Inc.entered into a definitive agreement to acquire products business of FireEye, Inc. (NasdaqGS:FEYE) for $1.2 billion on May 29, 2021. As per the terms, the purchase price will be (a) the assumption of the Assumed Liabilities plus (b) a cash payment of $1.2 billion. Symphony is funding the purchase price through a combination of equity and debt financing. UBS Investment Bank and Jefferies Finance LLC are providing financing for the transaction. In case of termination, Symphony will pay to FireEye, an amount equal to $67.5 million.
Upon the closing of STGs acquisition of FireEye Products, McAfee Enterprise and FireEye Products will be combined and FireEyes Bryan Palma will become the Chief Executive Officer of the combined company. Additionally, Ian Halifax, who recently joined McAfee Enterprise as Chief Financial Officer, will become CFO of the combined entity.
The Sale is subject to the satisfaction or waiver of certain customary closing conditions, including (i) the expiration or termination of any required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and (ii) the receipt of certain specified foreign governmental approvals. There is no financing condition to the obligations of Symphony to consummate the transaction. The transaction is expected to close by the end of the fourth quarter of 2021. Goldman Sachs & Co. LLC is serving as financial advisor, and Melissa Hollatz of Wilson Sonsini Goodrich & Rosati P.C. is acting as legal advisor, to FireEye. UBS Investment Bank and Jefferies LLC are acting as financial advisors, and Steve L. Camahort, Lucas Rachuba, Jane Song, Dan Stellenberg, Suzanne Horne, Lindsay Sparks, Charles Patrizia, Scott Flicker, Sherrese Smith, and Camille Paulhac, Michael Wise, Jennifer Riddle, Jeffrey Ii, and Amy Lawrence of Paul Hastings LLP is acting as legal advisor, to Symphony. Alison S. Ressler of Sullivan & Cromwell LLP acted as financial advisor to Goldman Sachs & Co. LLC.
McAfee Enterprises, Inc. completed the acquisition of Products Business of FireEye, Inc. from Mandiant, Inc. (NasdaqGS:MNDT) on October 8, 2021.