Broadcom Reportedly Close to Buying Security Software Maker Symantec

Bloomberg said chipmaker is in “advanced talks”
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Chipmaker Broadcom is in “advanced talks” to purchase cybersecurity software maker Symantec Corp., Bloomberg reports, citing unnamed sources close to the negotiations.

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No acquisition price was reported, but Mountain View, Calif.-based Symantec has market capitalization of around $16 billion.

“Symantec would make a perfect fit for the Broadcom portfolio,” Harsh Kumar, an analyst at Piper Jaffray wrote in a note to investors.

Last year, San Jose-based Broadcom purchased software company CA Technologies for $18.9 billion. This followed a bid to purchase Qualcom that was thwarted by the Trump Administration.

Kumar said the Symantec deal is similar to Broadcom’s CA acquisition, “which ultimately turned out to be extremely successful under the Broadcom umbrella.”

Representatives for Broadcom and Symantec are not commenting at this point. 

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