Broadcom buys Symantec's enterprise security business
Broadcom has bought Symantec's enterprise security business for nearly US$11 billion.
The purchase comes after a lengthy courtship that saw the initial asking price of US$15.5 billion rejected by the network engineering company, but over the weekend the two agreed to the new price.
Broadcom's president and CEO Hock Tan said in a statement, "Symantec's enterprise security business is recognised as an established leader in the growing enterprise security space and has developed some of the world's most powerful defence solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud."
The move comes as Broadcom extends its reach out of the hardware industry into software development. Last year, Broadcom bought CA for US$18.9 billion, a purchase that seemed at odds with Broadcom's area of expertise but which allowed the company to expand into new areas.
Broadcom had tried to buy fellow chip maker Qualcomm in early 2018 for an eye-watering US$121 billion in what, at the time, was described as the world's biggest tech merger.
However, US President Donald Trump blocked the merger citing security concerns. Broadcom is based in Singapore.
No such objections are expected with this latest acquisition, however.
You must be logged in in order to post comments. Log In