Broadcom in advanced talks to buy Symantec's enterprise business

Broadcom in advanced talks to buy Symantec's enterprise business

The Wall Street Journal reported citing sources

Credit: Broadcom

Chipmaker Broadcom is in advanced talks to buy Symantec's enterprise business, according to people familiar with the matter.

It's possible that a deal is reached by the time Symantec announces earnings on Thursday, but negotiations could last longer, the sources said.

Both the companies could not be immediately reached for comment.

The deal could be worth about US$10 billion, the Wall Street Journal reported, citing sources.

Shares of Symantec, which has a market value of US$12.63 billion, rose 14 per cent in extended trading, while those of Broadcom fell one per cent.

Symantec last month walked away from negotiations to sell itself to Broadcom over price disagreements, Reuters had reported, citing people familiar with the matter.

Symantec is struggling with severe competition from nimbler rivals and has seen several top level executives leave the company this year, while it is also being investigated by US regulators over an accounting irregularity.

(Reporting by Supantha Mukherjee in Bengaluru and Greg Roumeliotis in New York; Editing by Arun Koyyur)

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