FireEye (NASDAQ: FEYE) on Wednesday announced plans to sell its products business, including the FireEye name, as part of a $1.2 billion transaction that splits off the Mandiant Solutions unit from the company’s endpoint protection and cloud security products.
According to FireEye, the cloud security, network and email product side of the house will be sold off in a $1.2 billion all-cash transaction to Symphony Technology Group, the private equity firm that also owns RSA Security and McAfee Enterprise.
The deal is expected to close later this year.
Mandiant Solutions, which merged with FireEye in a blockbuster 2013 deal, will focus on providing “controls-agnostic software and services” independent of FireEye, while the products business will become a standalone entity within the Symphony Technology Group portfolio.
FireEye said the deal enables both organizations “to accelerate growth investments, pursue new go-to-market pathways, and focus innovation on their respective solutions.”
“We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organizations to better serve customers,” FireEye chief executive Kevin Mandia said in a statement.
“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.”
FireEye also announced that its Board of Directors has approved a share repurchase program for up to $500 million of outstanding FireEye common stock.
Related: FireEye Builds Security Powerhouse With $1B Mandiant Deal
