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Broadcom Moves Forward on Symantec Acquisition

Reports indicate a deal could be made by mid-July as Broadcom secures financing for the purchase.

Broadcom has reportedly taken steps toward its acquisition of Symantec with newly secured lending commitments and identification of areas for cost savings, according to Bloomberg.

The all-cash transaction, which could be finalized as early as mid-July if progress continues, values Symantec at $22 billion, including debt, sources say. Broadcom has allegedly secured financing from several banks and foresees synergy potential of $1.5 billion. This would be its second big investment in software; Broadcom bought CA Technologies for $18 billion in 2018.

Broadcom is not the only company interested in the security company, the report points out. Former Symantec CEO Greg Clark has partnered with Permira Holdings and Advent International to attempt a buyout; so far, the team hasn't been able to offer a competing price.

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