Broadcom Closes $10.7B Buy of Symantec’s Enterprise Security Assets; Rick Hill, Hock Tan Quoted

Broadcom (Nasdaq: AVGO) has wrapped up its acquisition of Symantec’s (Nasdaq: SYMC) enterprise security assets for approximately $10.7B.

The transaction’s completion marks the launch of NortonLifeLock as an independent publicly traded consumer cyber safety business, Symantec said Monday.

NortonLifeLock will be based in Tempe, Ariz., and will begin trading Tuesday on Nasdaq using the ticker symbol “NLOK.”

“NortonLifeLock is already a world recognized leader in consumer and small business Cyber Safety. The singular focus will allow us to fuel growth and continue innovation,” said Rick Hill, interim president and CEO of Symantec.

Broadcom said it will operate Symantec’s enterprise security business as its enterprise division. Art Gilliland, formerly general manager of Symantec’s enterprise security segment, will continue to lead the business as senior vice president and GM.

“Today represents an important milestone as Symantec’s Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform,” Hock Tan, president and CEO of Broadcom, said in a statement. “Symantec’s Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000.”

Symantec and Broadcom announced the deal in August.

Goldman Sachs & Co. and Fenwick & West LLP respectively served as financial and legal advisers to Symantec in the transaction.