broadcom acquires symantec

SAN JOSE, Calif., Aug. 8, 2019 /PRNewswire/ -- Broadcom, Inc., (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation (NASDAQ: SYMC) for $10.7 billion in cash. Symantec shares jumped almost 14% over trading on July 3rd following reports that it could potentially be acquired by Broadcom for $15 billion. by Joe Panettieri • May 29, 2020 HCL has acquired the majority of Symantec’s enterprise consulting team from Broadcom . 212-355-4449. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud. Broadcom intends to fund the transaction with proceeds from new committed debt financing. Broadcom does not undertake any intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law. The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 20201, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions. Broadcom is raising money to acquire Symantec, according to Bloomberg. Broadcom scooped up the entire Symantec Enterprise Security business for $10.7 billion in August. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this release, whether as a result of new information, future events or otherwise, except as required by law. For more information, go to www.broadcom.com. Investor Relations Actual results may vary from the estimates provided. Yahoo Finance's Alexis Christoforous and Brian Sozzi speak to Scott Gamm. This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) relating to Broadcom. In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses and other data, and has previously provided net revenue data, on a non-GAAP basis. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment. Those risks, uncertainties and assumptions include: the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Broadcom's business and the price of the common stock of Broadcom; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the asset purchase agreement; the effect of the announcement or pendency of the proposed transaction on Broadcom's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from ongoing business operations; the outcome of any legal proceedings that may be instituted related to the asset purchase agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; the ability of Broadcom to achieve its plans, forecasts and other expectations (including regarding expected revenues, returns and synergies) with respect to the acquired business after completion of the proposed transaction; and other risks described in Broadcom's and its predecessors' filings with the United States Securities and Exchange Commission, such as Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K.Â. View original content:http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html, Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. Symantec Corp. (NASDAQ: SYMC) today announced the successful completion of the sale of its Enterprise Security Assets to Broadcom for $10.7 billion. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Broadcom, the semiconductor maker, struck a $10.7 billion deal to buy Symantec’s enterprise-security business focused on sales to companies, in a drive to expand beyond chips. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base."Â. Symantec is an enormous company – currently valued at ~$15.5 billion – and would offer Broadcom further market share in the infrastructure software business. Broadcom expects the transaction to generate more than $1 billion of run-rate cost synergies within 12 months following close partly by eliminating redundancies. Copyright © 2005 - 2020 Broadcom. He brings more than 20 years of experience in the security software industry. 212-355-4449, View original content:http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html, Broadcom Completes Acquisition of Symantec Enterprise Security Business. Analysts and Accenture themselves weigh in on the deal. Broadcom is not readily able to provide a reconciliation of the projected non-GAAP financial information presented herein to the relevant projected GAAP measures without unreasonable effort. "Broadcom has a proven track record of successfully integrating companies, enabling enhanced growth and a faster pace of innovation, and we look forward to welcoming Symantec Enterprise customers, employees and suppliers to the Broadcom community.". Accordingly, you should not place undue reliance on such statements. Symantec Corp.'s stock climbed more than 12% during trading Thursday amid speculation of a deal, and added another 2.5% after hours. Broadcom’s stock is up $4.31, or 1.45 percent, to $300.90 in trading Monday morning. The transaction is expected to drive more than $2 billion of sustainable, incremental, run-rate revenues and approximately $1.3 billion of Pro Forma EBITDA, including synergies. Broadcom Inc. is in advanced talks to buy cybersecurity firm Symantec Corp., according to people familiar with the matter, seeking a further expansion into the more profitable software business. In November, Broadcom bought Symantec’s enterprise security business for $10.7 billion. Forward-looking statements speak only as of the date of this communication. SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation (NASDAQ: SYMC). Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Copyright © 2005 - 2020 Broadcom. 408-433-8000investor.relations@broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Chipmaker Broadcom is buying cybersecurity company Symantec’s enterprise security business for $10.7 billion in cash. Accordingly, you should not place undue reliance on such statements. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. A live webcast and the accompanying presentation relating to the transaction will be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com in advance of the conference call. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company's and management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Broadcom buys Symantec's enterprise security portfolio for $10.7 billion. Broadcom's solutions include data center networking and storage, enterprise and mainframe software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. Chipmaker Broadcom is buying cybersecurity specialist Symantec Corporation's enterprise security business for $10.7 billion in cash, the companies announced Thursday. Broadcom is close to finalizing the acquisition of Symantec for more than $15 billion, the Financial Times reported. All rights reserved. The close of the $10.7 billion Broadcom-Symantec Enterprise Security deal was announced before the market opened. "Today represents an important milestone as Symantec's Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform," said Hock Tan, President and Chief Executive Officer of Broadcom. Broadcom will host a conference call to discuss details of the transaction. Broadcom believes this non-GAAP financial information provides additional insight into the Company's on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. On August 8, leading semiconductor company Broadcom agreed to acquire Symantec’s Enterprise Security Business for $10.7 billion. Broadcom Acquires Bay Dynamics: Symantec Partner Benefits. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The deal is part of Broadcom’s ongoing effort to diversify beyond its memory chip business. Broadcom stock had gained nearly 7% in 2019 as of Thursday's market close. Hock Tan, President and Chief Executive Officer of Broadcom, said, "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. 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