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Broadcom completes Symantec acquisition

(Image credit: Image Credit: Symantec)

Broadcom’s acquisition of Symantec has been completed, and with that, the latter brand is set to disappear for good.

According to the company’s announcement, Symantec will now be known as NortonLifeLock and will trade on the stock market under a new ticker – NLOK.

NortonLifeLock says it now has almost 50 million consumers and claims to be a global leader in consumer cybersecurity.

“The launch of NortonLifeLock today is a key step in our transformation towards a standalone, pure-play consumer cyber Safety business,” Vincent Pilette, NortonLifeLock’s chief financial officer, said in a statement. “As we move through the transition period over the next twelve months, we will realign our cost structure for the company to drive revenue growth, cash flow generation and earnings power.”

Broadcom paid $10.7bn to acquire Symantec’s enterprise security business, but earned $2.3 billion in revenue through it in the first year alone.

The negotiations leading up to the acquisition were somewhat of a roller coaster. They initially broke down over pricing disagreements. Around July, it was reported that Broadcom was interested in buying the American security company with an offer of $28.25 per share in cash, on the table.

The media were reporting that Symantec was looking for “more than $28 per share” at the time, which is why the negotiations initially broke down.

Soon after they resumed, and in August a deal was struck.

The news made Symantec’s stock rise 14 per cent in extended trading. Broadcom didn’t do as good, with shares falling 1 per cent. News of Symantec changing its name to NortonLifeLock has sent its stocks up 1.85 per cent.