Date
12 November 2019
Symantec last month walked away from negotiations to sell itself to Broadcom over price disagreements, Reuters has reported. Photo: Reuters
Symantec last month walked away from negotiations to sell itself to Broadcom over price disagreements, Reuters has reported. Photo: Reuters

Broadcom in talks to buy Symantec enterprise business: report

Chipmaker Broadcom Inc. is in advanced talks to buy Symantec Corp.’s enterprise business, Reuters reports, citing people familiar with the matter.

Both the companies could not be immediately reached for comment.

The deal could be worth about US$10 billion, the Wall Street Journal reported, citing sources.

Shares of Symantec, which has a market value of US$12.63 billion, rose 14 percent in extended trading on Wednesday, while those of Broadcom fell 1 percent.

Symantec last month walked away from negotiations to sell itself to Broadcom over price disagreements, Reuters had reported, citing people familiar with the matter.

Symantec is struggling with severe competition from nimbler rivals and has seen several top-level executives leave the company this year, while it is also being investigated by US regulators over an accounting irregularity.

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