FireEye sales product business to STG

FireEye has entered into an agreement to sell the FireEye Products business to an association led by Symphony Technology Group (STG) for $1.2 billion, before taxes and transaction-related expenses.

Expected to close by the end of the fourth quarter of 2021, the transaction will separate FireEye’s network, email, endpoint, and cloud security products, along with the related security management and orchestration platform, from Mandiant’s controls-agnostic software and services.

The FireEye Products business and Mandiant Solutions will continue to operate as a single entity until the transaction closes, allowing management and STG to develop a transition of the FireEye Products business to a standalone entity within the STG portfolio.

“We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organisations to better serve customers,” said FireEye Chief Executive Officer Kevin Mandia. “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 prioritise investment on its cloud-first security product portfolio. We look forward to our relationship and collaboration on threat intelligence and expertise.”

“We are extremely impressed by the FireEye Products business and the mission critical role it plays for its customers,” said William Chisholm, Managing Partner at STG. “We believe that there is enormous untapped opportunity for the business that we are excited to crystallise by leveraging our significant security software sector experience and our market leading carve-out expertise.”

In addition, the company announced that its Board of Directors has approved a share repurchase programme for up to $500 million of outstanding FireEye common stock. The repurchase programme has no termination date and may be suspended for periods, amended or discontinued at any time. Any shares acquired will be available for general corporate purposes.


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