Benzinga | Jun 3, 2021 08:01AM EDT

FireEye Sells FireEye Products Business to Symphony Technology Group for $1.2B; Announces $500M Share Buyback

* FireEye Inc (NASDAQ:FEYE) inked an agreement to sell its FireEye Products business, including the FireEye name, to a Symphony Technology Group (STG) led consortium in an all-cash transaction for $1.2 billion.

* The transaction is expected to close by Q4 2021, subject to customary regulatory approvals.

* The deal will separate FireEye's network, email, and cloud security products from its cyber forensics unit, Mandiant Solutions, Reuters reports.

* These agreements include a reseller and market cooperation agreement, a strategic collaboration agreement, and a transition services agreement.

* Customers and partners can expect to receive the full benefit of these agreements as the companies share technology, telemetry, threat intelligence, and expertise.

* The sale happened almost a decade after FireEye acquired Mandiant, TechCrunch reported.

* The FireEye board has also approved a share buyback program for up to $500 million.

* FireEye gained prominence in cybersecurity for its research on hacking groups following government attacks. The Mandiant unit became famous for its response to major security incidents. Mandiant was called in to assist the Colonial Pipeline ransomware attack recovery.

* FireEye admitted to a network hacking in Dec. 2020, which helped resolve the SolarWinds Corp (NYSE:SWI) hack.

* Price action: FEYE shares traded lower by 9.01% at $20.05 in the premarket session on the last check Thursday.