Semiconductor giant Broadcom says it has
reached a deal to buy the enterprise business
of cybersecurity company Symantec for $10.7
billion cash.
Symantec provides cloud, web and data security
for organizations. The company also has a
consumer business, which is not part of the deal.
Broadcom said it expects the Symantec business
to bring in over $2 billion in annual revenue.
The deal will strengthen chipmaker Broadcom’s
position in the infrastructure technology market.
Broadcom tried to acquire Qualcomm last year,
but was blocked by the Trump administration.
Broadcom Inc. then moved its headquarters to
San Jose, California from Singapore.
Symantec Corp.’s stock climbed more than 12%
amid speculation of a deal.