Carlyle, GIC and co-investors acquire Veritas

Carlyle will pay $8bn in cash from Fund VI.

The Carlyle Group has teamed up with a group of co-investors, including Singapore's sovereign wealth fund the Government Investment Corporation, to acquire information management systems provider Veritas, according to a statement from the firm.

Carlyle, GIC and the unnamed co-investors will acquire the business from Symantec, with Carlyle agreeing to pay $8 billion in cash from Carlyle Partners VI for its part in the deal, the statement said.

Following the Veritas transaction, which is expected to close near the end of the year, technology executives Bill Coleman and Bill Krause will become chief executive officer and chairman, respectively.

Carlyle has partnered with GIC before, a spokesperson said, declining to comment further on the relationship, or on other co-investors or the amount remaining in Fund VI after the transaction.

In July 2014, Carlyle paid $4.75 billion to acquire Acosta Sales & Markets, in which GIC had invested and reinvested as part of that deal.

In September 2014 Carlyle sold half of its stake in RAC, the second-largest UK roadside assistance provider, to GIC in a transaction thought to value the business at around £2 billion (€2.5 billion; $3.2 billion), Private Equity International reported at the time.

Carlyle manages $193 billion in assets across 128 funds and 159 fund of funds vehicles as of 30 June 2015, according to the statement, and GIC, established in 1981, manages Singapore's foreign reserves and invests through funds as well as directly in companies.