Home / M&A Activity / Report: Broadcom Eyes $22B Takeover of Symantec

Report: Broadcom Eyes $22B Takeover of Symantec

Jeff Brody

Semiconductor manufacturer Broadcom (Nasdaq: AVGO) has determined cost savings and received financing to support its plan to acquire cybersecurity firm Symantec (Nasdaq: SYMC) in an all-cash transaction including debt valued at more than $22B, Bloomberg reported Monday.

Reports of the takeover talks emerged Wednesday and sources said Broadcom secured lending commitments from banks and expects to realize approximately $1.5B in annual synergy potential through the transaction.

Symantec and Broadcom could reach an agreement by mid-July but discussions could either continue or fall through, according to people with knowledge of the negotiations.

Former Symantec CEO Greg Clark has reportedly partnered with buyout firms Permira Holdings and Advent International in an effort to come up with a counter offer for the cyber company, which is considered by sources as a long-shot pursuit.

The transaction would be Broadcom’s second acquisition in the software market. The company bought CA Technologies for approximately $18B in 2018.

Check Also

Navy Awards BAE $185M in Destroyer Ship Modernization Contracts

BAE Systems' ship repair business in San Diego has won a pair of contracts worth $185M combined from the U.S. Navy to modernize Arleigh Burke-class USS Decatur and USS Stethem destroyer ships.

ST Engineering’s iDirectGov Buys Glowlink in Satcom Tech Expansion Push

ST Engineering has acquired Glowlink Communications Technology through its iDirect Government subsidiary for approximately $25M.