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© Broadcom Components | August 09, 2019

Broadcom acquires Symantec's Enterprise Security business

Broadcom is to acquire the enterprise security business of Symantec for USD 10.7 billion in cash.Broadcom intends to fund the transaction with proceeds from new committed debt financing.

Hock Tan, President and Chief Executive Officer of Broadcom, said, "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base." Under the terms of the asset purchase agreement, which has been approved by the Broadcom Board of Directors, Broadcom will pay Symantec USD 10.7 billion in cash at closing. The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 20201, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions.
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November 12 2019 7:31 am V14.7.10-1