Symantec confirmed its plans to separate itself from its Veritas data-storage and recovery business by the end of 2015 in a comment emailed to SCMagazine.com after rumors swirled online over the company possibly selling Veritas.
MarketWatch reported on Friday that the company, which purchased Veritas a decade ago, was exploring the sale of the business entity and that it could sell for more than $8 billion.
Symantec addressed the rumors on Monday to SCMagazine.com and said: “We are on track to separate Veritas and Symantec into two independently traded companies by the end of the calendar year – one focused on information management and one focused on security.”
This is not a change from the company's previous October statement about the separation. Symantec purchased Veritas in 2005 for an all-stock deal valued at approximately $13.5 billion, according to MarketWatch. The news outlet's sources noted, however, that taxes relating to separating the two entities could present an obstacle to a successful sale.CORRECTION: This story's original headline incorrectly stated that Symantec confirmed its selling of Veritas.