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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 -
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 to buy Qualcomm Inc.

Broadcom’s Chief Executive Officer Hock Tan has built the company through a series of ambitious deals 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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