After many speculations in the media, Broadcom has finally announced that it has acquired Symantec’s Enterprise Security business division for $10.6 billion. The former’s objective in buying the latter is to significantly expand the vendor’s infrastructure software footprint following its purchase of CA Technologies for $19 billion in July’18.
“Mergers and Acquisitions have played a vital role in Broadcom’s growth strategy and the latest deal is expected to play a prominent role in adding value to the previous purchase of Brocade and CA Technologies”, said Hock Tan, President & CEO, Broadcom.
According to industry analysts, Symantec Enterprise Portfolio like cloud security and data loss prevention along with endpoint security and web security solutions are said to add value to the product portfolio and licensing agreements of San Jose based Broadcom Inc.
As of now, the news is out that Broadcom’s purchase of Symantec Enterprise Security will close in the 1st quarter of 2020. However, the deal is subjected to any regulatory approvals prevailing in the US, Europe, and Japan along with other financial conditions.
Tan said that Broadcom will “Own and Incorporate” Symantec’s name into its portfolio after the deal completion.
In April 2019, Richard Hill the CEO of Symantec announced his step-down unexpectedly making the company shares plunge to lowest. The company’s board immediate replaced Hill’s place with Greg Clark leading to media speculations that Symantec will miss Hill’s vast amount of sales experience which will prove vital to the Cybersecurity company.
Note- Richard Hill worked as a CEO of semiconductor business in Novellus Systems.
