FireEye has entered into a definitive agreement to sell the FireEye products business, including the FireEye name, to a consortium led by Symphony Technology Group (STG) in an all-cash transaction for $1.2 billion.
The cybersecurity company says that if the deal gets the green light from a regulatory perspective, the transaction is expected to close by the end of the fourth quarter of 2021. The deal will also separate Mandiant Solutions, FireEye’s cyber forensics unit, from its network, email, and cloud security products.
It wasn’t that long ago when FireEye was the subject of a cyberattack. In December, FireEye said it was hit with what it described as a state-sponsored cyberattack. The company was praised afterwards by experts and other vendors, including Microsoft, for its transparency about the breach.
FireEye chief executive officer Kevin Mandia said the separation of Mandiant Solutions from its other products will end up benefiting customers the most.
“After closing, we will be able to concentrate exclusively on scaling our intelligence and frontline expertise through the Mandiant Advantage platform, while the FireEye Products business will be able to prioritize investment on its cloud-first security product portfolio. STG’s focus on fueling innovative market leaders in software and cybersecurity makes them an ideal partner for FireEye Products,” he said in a June 2 news release. “We look forward to our relationship and collaboration on threat intelligence and expertise.”