Skip to main content

Broadcom deal to buy Symantec is back on

(Image credit: Broadcom)

Takeover negotiations between Broadcom and Symantec (opens in new tab) could be back on.

According to Reuters (opens in new tab), which cited“people familiar with the matter”, negotiations are almost over and the deal could be reached as soon as today. We will know for certain once Symantec announces its earnings later today. Both companies are currently tight-lipped on the matter, while the Wall Street Journal claims the deal could be worth as much as $10 billion.

The news made Symantec’s (opens in new tab)stock rise 14 per cent in extended trading. Broadcom didn’t do as good, with shares falling 1 per cent.

Last month, Symantec decided not to pursue the acquisition deal (opens in new tab)with Broadcom any further, as the two companies couldn’t see eye to eye regarding the price. At the time, Broadcom was interested in buying the American security company with an offer of $28.25 per share in cash, to ink the deal.

The media were reporting that Symantec was looking for “more than $28 per share” at the time.

The cybersecurity company is allegedly “struggling with sever competition from nimbler rivals”, as Reuters puts it. It has also seen a couple of its highest executives leaving this year, as well as an accounting irregularity investigation by US authorities.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.