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Broadcom in talks to buy cybersecurity firm Symantec for $15 bn

Broadcom Symantec talks

A deal to buy Symantec would expand Broadcom’s push into software a year after it bought CA Technologies

Broadcom is in advanced talks to buy American cybersecurity firm Symantec Corporation, Reuters reported.

According to the Financial Times, the deal could be worth $15 billion.

A deal to buy Symantec would expand Broadcom’s push into software. A year earlier, the American chipmaker brought CA Technologies, an independent software company for $18.9 billion.

In the same year, Broadcom also made a bid to buy Qualcomm Incorporated for $121 billion. However, US President Donald Trump blocked the deal citing concerns of national security.

If this deal goes through, it will be the second major acquisition of a cybersecurity firm. In 2011, Intel purchased McAfee, headquartered in Santa Clara, California. Intel sold a majority of its stake in McAfee to TPG after failing to get hold of a majority of McAfee’s stake.

According to Reuters, Symantec is currently under investigation by a US authority over an accounting irregularity.

Company CEO Greg Clark also stepped down earlier in May citing personal reasons.

The company was an early leader in computer security but lost its dominance due to growing competition. Its bad fortune reflected on the stock market as well as the company lost a third of its share value from a high of $34.20 in August 2017.

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