Broadcom Nears Deal to Buy Symantec's Enterprise Business
August 07 2019 - 5:19PM
Dow Jones News
By Robert McMillan and Cara Lombardo
Broadcom Inc. is nearing a deal to buy Symantec Corp.'s
enterprise business after its attempted purchase of the entire
cybersecurity firm fell apart.
A deal for the Symantec business could be announced as early as
Thursday, when Symantec reports its results, according to people
familiar with the matter. As with the earlier attempt, the talks
could still fall apart.
The deal could value the Symantec division at around $10
billion, one of the people said.
Broadcom had previously been in late-stage discussions to buy
all of Symantec before the talks fell apart last month. Since then,
the two sides have rekindled discussions, with Broadcom zeroing in
on the Symantec business that serves businesses and accounts for
roughly half its $5 billion in annual revenue. The consumer segment
accounts for the rest.
For Symantec, the deal would be big. Its entire market value is
about $12.6 billion -- it has more than $2 billion of net debt --
compared with about $107.6 billion for Broadcom.
Symantec is set to report its fiscal first-quarter earnings
Thursday afternoon.
--Asa Fitch contributed to this article.
Write to Robert McMillan at Robert.Mcmillan@wsj.com and Cara
Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
August 07, 2019 17:04 ET (21:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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