Symantec Completes Sale of Enterprise Security Assets to Broadcom
November 04 2019 - 8:55AM
Business Wire
Company Emerges as NortonLifeLock – Will
Trade as NLOK on NASDAQ
Symantec Corp. (NASDAQ: SYMC) today announced the successful
completion of the sale of its Enterprise Security Assets to
Broadcom for $10.7 billion.
“By unlocking value from Enterprise Security, we have
established an independent and singularly focused consumer Cyber
Safety business,” said Rick Hill, Interim President and CEO.
“NortonLifeLock is already a world recognized leader in consumer
and small business Cyber Safety. The singular focus will allow us
to fuel growth and continue innovation.”
The Company also announced that it has transferred the Symantec
brand to Broadcom and changed its name to NortonLifeLock Inc.
effective immediately. Beginning tomorrow, November 5, 2019, its
common stock will trade under the ticker symbol “NLOK” on the
Nasdaq stock exchange.
“The launch of NortonLifeLock today is a key step in our
transformation towards a standalone, pure-play consumer Cyber
Safety business,” said Vincent Pilette, Chief Financial Officer.
“As we move through the transition period over the next twelve
months, we will realign our cost structure for the company to drive
revenue growth, cash flow generation and earnings power.”
NortonLifeLock is now headquartered in Tempe, Arizona.
Further details on the completion of the Enterprise Security
Assets to Broadcom will be provided on the Company’s fiscal second
quarter 2020 earnings call, scheduled for November 7, 2019.
Goldman Sachs & Co. LLC served as financial advisor, and
Fenwick & West LLP served as legal advisor to Symantec.
About Symantec
Symantec Corporation (NASDAQ: SYMC), the world's leading cyber
security company, helps organizations, governments and people
secure their most important data wherever it lives. Organizations
across the world look to Symantec for strategic, integrated
solutions to defend against sophisticated attacks across endpoints,
cloud and infrastructure. Likewise, a global community of more than
50 million people and families rely on Symantec's Norton and
LifeLock product suites to help protect their digital lives at home
and across their devices. Symantec operates one of the world's
largest civilian cyber intelligence networks, allowing it to see
and protect against the most advanced threats.
About NortonLifeLock Inc.
NortonLifeLock Inc. (NASDAQ: NLOK on November 5, 2019) is a
global leader in consumer Cyber Safety. NortonLifeLock is dedicated
to helping secure the devices, identities, online privacy, and home
and family needs of nearly 50 million consumers, providing them
with a trusted ally in a complex digital world. For more
information, please visit www.NortonLifeLock.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191104005504/en/
MEDIA CONTACT: Deirdre Sena NortonLifeLock (310) 922-6956
press@NortonLifeLock.com
INVESTOR CONTACT Cynthia Hiponia NortonLifeLock (650)
527-8020 ir@NortonLifeLock.com
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