(Reuters) — Chipmaker Broadcom said on Thursday it will buy antivirus software maker Symantec’s enterprise security unit for $10.7 billion in cash to scale up its software business through deals.
Shares of Symantec rose 3.6% and Broadcom 2% in extended trading.
Broadcom last year bought U.S. business software maker CA for $18.9 billion and was reportedly in talks to buy infrastructure software company Tibco, which was taken private by Vista Equity Partners for $4.3 billion in 2014.
Its push to software came after a failed attempt last year to buy mobile chipmaker Qualcomm Inc for $117 billion, which was scuttled by the Trump administration, citing national security.
“M has played a central role in Broadcom’s growth strategy and this transaction represents the next logical step in our strategy,” Broadcom Chief Executive Officer Hock Tan said.
Through a string of acquisitions, Tan has propelled the chipmaker that was worth just a few billions to a market capitalization of about $108 billion in the 13 years that he has been at the helm.
Broadcom has confirmed the acquisition of the enterprise division of veteran security specialist Symantec, for a hefty $10.7bn ($8.8bn) in cash.
The acquisitions continues Broadcom’s efforts to reinvent itself as “one of the world’s leading infrastructure technology companies”.
Earlier this week it had been reported that Broadcom was once again its “advanced talks” to acquire Symantec, but only its enterprise business division this time.
Broadcom’s attempt to acquire Symantec entirely collapsed in mid July, after the two firms were reportedly unable to reach agreement on the acquisition price for the whole of Symantec.
The firms had reportedly been in “advanced talks” about the acquisition weeks prior to that, and the deal had expected to be announced in late July.
But now Broadcom has confirmed that it is to acquire the enterprise security business of Symantec.
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