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Broadcom in advanced talks to buy Symantec - sources

Broadcom in advanced talks to buy Symantec - sources
FILE PHOTO: The Symantec booth is seen during the 2016 Black Hat cyber-security conference in Las Vegas, Nevada, U.S. August 3, 2016. REUTERS/David Becker/File Photo -
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David Becker(Reuters)
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By Greg Roumeliotis

(Reuters) – Chipmaker Broadcom Inc is in advanced talks to buy cybersecurity firm Symantec Corp, according to sources familiar with the matter.

A deal would expand the chipmaker’s push into software a year after its $18.9 billion (15 billion pounds) deal to buy U.S. business software company CA Inc. It also follows Broadcom’s failed bid https://reut.rs/2xn5gVE to buy Qualcomm Inc.

Broadcom’s Chief Executive Officer Hock Tan has built the company through a series of ambitious deals https://reut.rs/2XnqvWO. As CEO of Avago, Tan pulled off the acquisition of Broadcom for $37 billion, bringing the two companies under one umbrella name of Broadcom.

A Broadcom-Symantec deal would be the second major acquisition of a cybersecurity provider by a chipmaker, after computer processor maker Intel Corp bought California-based McAfee in 2011.

However, Intel sold a majority stake in McAfee to investment firm TPG after a failed effort to stake out a major position in the computer security business.

News of the talks between Broadcom and Symantec were first reported by Bloomberg.

A Symantec spokesperson said the company does not comment on speculation. Broadcom was not immediately available for comment.

(Reporting by Bharath Manjesh in Bengaluru; Greg Roumeliotis in New York; Editing by Bill Rigby and Cynthia Osterman)

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