Alston & Bird served as lead counsel to The Carlyle Group, a global alternative asset manager with $193 billion of assets under management, on its planned $8 billion acquisition of Veritas, an information management systems provider, from Symantec Corp. The transaction is the biggest U.S. leveraged buyout announced in 2015 and the largest solo private equity purchase of U.S. assets since 2011.
Equity for the transaction will come from Carlyle Partners VI, together with GIC, Singapore’s sovereign wealth fund, and other co-investors.
The transaction, subject to regulatory approvals and other conditions, is expected to close around year-end.
The acquisition of Veritas is a continuation of Carlyle’s ongoing investment in the technology, media and telecom industry as reflected in a number of recent transactions, including Carlyle’s support of CommScope’s $3 billion carve-out acquisition of TE Connectivity’s telecom, enterprise and wireless businesses, for which Alston & Bird served as counsel to CommScope.
Advising Carlyle is an Alston & Bird team led by C. Mark Kelly, William Snyder, Scott Kummer, Barry Price, Ben Weadon, Dan Nisenson, Kyle Navarro and Lauren Huddleston (Private Equity). They were assisted by John Baron and Daniel Reach (Tax); Chris Gegg, Ross Barton, Kim Peretti and David Revelt (Technology, Privacy & IP Transactions); Mike Stevens, Blake MacKay and Leah Singleton (Employee Benefits & Executive Compensation); Brett Coburn (Labor & Employment); Jason Waite, Jeff Belkin and Erica Arnold (Government Regulations & Contracts); Christina Malone (Real Estate) and Ted Hollifield (Corporate).