McAfee Corp. MCFE, -0.33% said Monday it has entered an agreement to sell its enterprise business to a consortium led by Symphony Technology Group in an all-cash deal valued at $4 billion. The deal is expected to close by the end of 2021. “This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers,” Chief Executive Peter Leav said in a statement. The company expects to issue a special dividend of about $4.50 per Class A common share once the deal closes. The company will use proceeds to reduce debt by about $1 billion, which is expected to result in a neutral impact to its net leverage ratio. Shares jumped 7% premarket and are up 27% in the year to date, while the S&P 500 SPX, +1.95% has gained 2%.
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