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Broadcom's Symantec deal in jeopardy as talks stall

over 2 years ago by Lucy Cinder

Broadcom's Symantec deal in jeopardy as talks stall

Cyber Security

Broadcom's takeover of Symantec has stalled after the two firms could not agree on the cybersecurity vendor's valuation, according to reports.

Rumours of a mooted bid from Broadcom first surfaced earlier this month, with Broadcom said to be looking to bolster its software offering after its monster deal for CA Technologies.

CNBC is now reporting that Broadcom initially said it would offer $28.25 per share for Symantec, only to knock the amount down to below $28 following due diligence - a valuation that Symantec did not consider acceptable.

Symantec's shares dropped by over 15 per cent after the news broke.

Broadcom CEO Hock Tan is known for his ambitious approach to M&A, having acquired Broadcom for $37bn (£29.8bn) when at Avago - before adopting the Broadcom name.

His attempt to take over Qualcomm in what would have been the largest ever tech acquisition was however unsuccessful, with president Trump blocking the mammoth $117bn deal.

Sources, however, told CNBC that talks between Symantec and Broadcom could be continued at a later date.

Broadcom's initial bid reportedly valued Symantec at $15bn.

source channelweb

Industry: Cyber Security

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