Hewlett Packard Enterprise Jumps After Report Says Software Unit Is For Sale

Hewlett Packard Enterprise Co. shares jumped Thursday after a report that the company is looking to sell its software business in a multibillion-dollar deal. Reuters reported that HPE was negotiating with private-equity firm Thoma Bravo LLC and seeking a price of $8 billion to $10 billion, after Thoma Bravo beat out other private-equity suitors. The enterprise-focused spinoff of the former Hewlett-Packard built its software unit through acquisitions, including the ill-fated purchase of Autonomy for more than $10 billion, a deal that has led to HPE accusing Autonomy of fraud. Chief Executive Meg Whitman is looking to sell the unit to focus on hardware like networking, servers and storage, Reuters reported. HPE shares moved from a loss on the day to gains of more than 3% after the report hit.