Board Authorizes $2 Billion Increase to Capital Return Program; Expects to Return More Than $4 Billion to Shareholders by End of March 2017
Now time for action for Symantec has finally the company has been free of Veritas. As per the release the security major is on track to return more than $4 billion in capital to its shareholders by the end of March 2017.
Michael A. Brown, Symantec president and CEO, said, “Symantec now has a clear path forward as the global leader in cybersecurity. With the Veritas transaction completed, Symantec has the increased financial flexibility to maximize shareholder value through returning significant capital to shareholders and to consider acquisition opportunities that will accelerate our unified security strategy.”
Symantec will provide specifics on its capital return program during its third quarter earnings conference call, which is scheduled for tomorrow.
J.P. Morgan Securities LLC served as financial advisor to Symantec and Fenwick & West LLP served as legal counsel to Symantec.