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Broadcom acquires Symantec’s enterprise division for $10.7 billion

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Geekz Snow
Broadcom acquires Symantec’s enterprise division for $10.7 billion

(Reuters) — Chipmaker Broadcom said on Thursday it will buy antivirus software maker Symantec’s enterprise security unit for $10.7 billion in cash to scale up its software business through deals.

Shares of Symantec rose 3.6% and Broadcom 2% in extended trading.

Broadcom last year bought U.S. business software maker CA for $18.9 billion and was reportedly in talks to buy infrastructure software company Tibco, which was taken private by Vista Equity Partners for $4.3 billion in 2014.

Its push to software came after a failed attempt last year to buy mobile chipmaker Qualcomm Inc for $117 billion, which was scuttled by the Trump administration, citing national security.

“M has played a central role in Broadcom’s growth strategy and this transaction represents the next logical step in our strategy,” Broadcom Chief Executive Officer Hock Tan said.

Through a string of acquisitions, Tan has propelled the chipmaker that was worth just a few billions to a market capitalization of about $108 billion in the 13 years that he has been at the helm.

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