Date
13 December 2019
Symantec's failure to seal a deal with Broadcom raises new questions over the future of the US-based antivirus software provider. Photo: Bloomberg
Symantec's failure to seal a deal with Broadcom raises new questions over the future of the US-based antivirus software provider. Photo: Bloomberg

Symantec ends talks to sell to Broadcom over price: report

Cybersecurity firm Symantec Corp has walked away from negotiations to sell itself to chipmaker Broadcom over price disagreements, Reuters reports, citing people familiar with the matter.

Broadcom was last week willing to offer as much as US$28.25 per share in cash for Symantec and was hoping to ink a deal on Monday. But the talks are believed to have broken down.

Symantec has a track record of exploring a sale, only subsequently to walk away from a deal, the report noted.

Prior to reaching a deal with Starboard Value last year that gave it representation on Symantec’s board, the California-based company explored going private, according to Reuters sources.

Symantec also held talks last year with private equity firm Thoma Bravo about a leveraged buyout.

Symantec’s failure to seal a deal with Broadcom raises new questions over the future of the US antivirus software provider, which is looking for a new CEO and has been struggling to grow its business, Reuters noted.

– Contact us at [email protected]

RC