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Dell seals $2bn deal to sell $2bn cybersecurity unit

Dell seals $2bn deal to sell $2bn cybersecurity unit

Mubasher: Dell Technologies has entered into an agreement with a consortium led by Symphony Technology Group (STG), Ontario Teachers’ Pension Plan Board, and AlpInvest Partners to acquire Dell’s cybersecurity unit RSA for $2.075 billion.

The deal is expected to close in the next six to nine months, according to a statement released on Tuesday. The transaction is subject to customary conditions.

“As one of the world’s elite security brands, RSA represents a great opportunity for solving some of the rapidly developing customer challenges that go along with digital transformation,” managing partner at STG, William Chisholm, commented.

Morgan Stanley is acting as exclusive financial advisor to Dell Technologies, while Hogan Lovells is acting as legal advisor to the American company.

“The transaction will further simplify our business and product portfolio. It also allows Dell Technologies to focus on our strategy to build automated and intelligent security into infrastructure, platforms and devices to keep data safe, protected and resilient,” Dell Technologies’ CEO and vice chairman, Jeff Clarke, said.

UBS Investment Bank and Jefferies are acting as financial advisors to STG and Davis Polk & Wardwell is acting as legal advisor. UBS Investment Bank and Jefferies Finance are providing financing for the deal.