Anti-virus software producer McAfee has agreed to sell its enterprise business to a consortium led by private equity firm, the Symphony Technology Group (STG), for $4.0bn (€3.33bn).

McAfee wants to focus on its consumer business.

The company said: “McAfee’s Enterprise business has set the pace and standard within the cyber security industry for more than 30 years and has become a recognised leader for device-to-cloud cybersecurity solutions.

“Today, the Enterprise business is a trusted partner for 86% of the Fortune 100 firms around the world.” Its sales revenue last year was $1.3 bn.

“This transaction will … accelerate our strategy to be a leader in personal security for consumers,” said CEO Peter Leav.

Managing Partner at STG, William Chisholm, said: “McAfee is one of the most iconic brands in enterprise security and has a reputation for innovation, quality and leadership.”

The group’s goal is to be the leading device-to-cloud cybersecurity company through acquisition of the McAfee business, he added.

The transaction is expected to conclude end-2021, subject to customary regulatory approvals and closing conditions. The then former McAfee enterprise business will be re-branded.

California-based McAfee said it will use $2.75bn of the proceeds from the sale to pay a one-time special dividend to shareholders.

PrivSec Global, a live streaming event, takes place on 23-25 March featuring more than 200 speakers and 64 sessions on privacy, data protection and cyber-security.