In addition, when the deal closes, the San Jose, Calif., company expects to pay a special $4.50-a-share dividend to holders.
“This transaction will allow McAfee to singularly focus on our consumer business and to accelerate our strategy to be a leader in personal security for consumers,” Chief Executive Peter Leav said in a statement.
McAfee recently traded at $23.50, up 11%. The stock has gained 40% over the three months through Friday's close.
McAfee said the enterprise business serves 86% of the Fortune 100 firms worldwide and reported $1.3 billion in net revenue for fiscal 2020.
Symphony Technology Group is the Palo Alto, Calif., private equity firm.
The company also expects that through the transaction it will be able to reduce debt by $1 billion. The move won't have any effect on its net leverage ratio.
Last month, McAfee shares were upgraded by a Deutsche Bank analyst, who said he saw potential in the cybersecurity company as tech sales and internet usage rise
At closing, McAfee will retain its name. The enterprise business will be rebranded.
Deutsche Bank analyst Patrick Colville upgraded the company to buy from hold after a stronger-than expected earnings report. He also raised his share-price target to $23.50 from $20.50.
Goldman Sachs and Morgan Stanley are financial advisers, and Ropes & Gray is providing legal advice, to McAfee.
The transaction is expected to close this year, subject to regulatory clearances and other conditions.