U.S. cybersecurity firm FireEye Inc said on Wednesday it would sell its products business, including the FireEye name, to a consortium led by private-equity firm Symphony Technology Group for $1.2 billion in cash.
The deal will separate FireEye’s network, email and cloud security products from its cyber forensics unit, Mandiant Solutions.
The deal is expected to close by the end of the fourth quarter, the company said.
FireEye, one of the largest and best-known cybersecurity firms in the United States, also said its board had approved a share buyback program of up to $500 million.
The purchase of FireEye marks a major turning point in the rapidly evolving U.S. cybersecurity marketplace. The still nascent industry has seen numerous companies bought and merged in just the past several years.
