Broadcom acquires Symantec enterprise business and brand

Broadcom is acquiring the enterprise security business of Symantec in a $10.7bn cash deal. 

Hock Tan, President and CEO of Broadcom, said: "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies."

The transaction is expected to drive more than $2bn of sustainable, incremental, run-rate revenues and around $1.3bn of pro forma EBITDA, including synergies. 

Broadcom also reaffirmed its fiscal year 2019 revenue guidance of $22.5bn, with $17.5bn from semiconductor solutions and $5bn from infrastructure software.

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