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

Carahsoft Adds AWS Offerings on GSA IT Schedule 70 Contract; Will Jones Quoted

Carahsoft Technology has expanded its role as an Amazon Web Services distributor by offering the AWS suite of cloud-based products and services via the General Services Administration's IT Schedule 70 contract vehicle.

AE Industrial Partners to Buy Rotocraft Services Provider Columbia Helicopters

Private equity firm AE Industrial Partners has agreed to acquire heavy-lift rotorcraft manufacturing and operations services provider Columbia Helicopters for an undisclosed amount. AEI said Thursday Columbia Helicopters CEO Steve Brandy will continue to serve in his position and Nancy Lematta will keep her majority share as part of the transaction.