Broadcom has swallowed Symantec for a bargain-bin price of $10.7bn (£8.82bn) in cash, boosting the chip maker's enterprise security clout.
Word of Broadcom's intentions first surfaced in early July as the firm sought to broaden its software portfolio.
The deal looked good to go for $15.5bn until negotiations faltered when Symantec insisted on nothing less than $28 a share – which turned out to be too dear for Broadcom after due dil.
Symantec's stock price immediately plummeted while Broadcom was rewarded with a small uptick, reflecting Symantec's "damaged goods" reputation with the market.
But it appears the pair have buried the hatchet, yesterday announcing an agreement with almost $5bn knocked off the original price.
Broadcom reckons the deal is the next logical step following its purchase of Brocade and CA in 2017 and 2018 as it moves to a broader infrastructure technology role rather than processors, network controllers and Wi-Fi chips.
Broadcom has confirmed the acquisition of the enterprise division of veteran security specialist Symantec, for a hefty $10.7bn ($8.8bn) in cash.
The acquisitions continues Broadcom’s efforts to reinvent itself as “one of the world’s leading infrastructure technology companies”.
Earlier this week it had been reported that Broadcom was once again its “advanced talks” to acquire Symantec, but only its enterprise business division this time.
Broadcom’s attempt to acquire Symantec entirely collapsed in mid July, after the two firms were reportedly unable to reach agreement on the acquisition price for the whole of Symantec.
The firms had reportedly been in “advanced talks” about the acquisition weeks prior to that, and the deal had expected to be announced in late July.
But now Broadcom has confirmed that it is to acquire the enterprise security business of Symantec.
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