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Saturday, August 10, 2019

Symantec Sells Broadcom Business for $ 10.7 Billion


Broadcom announced on August 8 the acquisition of Symantec's enterprise security software for $ 10.7 billion (9.6 billion euros), continuing its series of acquisitions in the software field.
Symantec sells its Broadcom business for $ 10.7 billion Broadcom announced Thursday the acquisition of Symantec's enterprise security software for $ 10.7 billion (9.6 billion euros), continuing its series of acquisitions in the field of software.

 Broadcom will lose $ 2 billion in revenue in 2019 ... because of Huawei
Broadcom will lose $ 2 billion in revenue in 2019 ... because of Huawei
 But what the heck does Broadcom do in the software with the purchase of CA Technologies?
But what the heck does Broadcom do in the software with the purchase of CA Technologies?
After failing to buy Qualcomm, because of a Donald Trump veto, Broadcom falls back on the business activities of Symantec. An acquisition of $ 10.7 million (9.6 billion euros). The chip maker had already bought CA, a US publisher of enterprise software, for $ 18.9 billion and rumored to be interested in Tibco Software, the infrastructure software specialist finally taken over by the Vista Equity Partners fund in 2014 for $ 4.3 billion.

"Mergers and acquisitions have been central to Broadcom's growth strategy and this transaction is a logical next step in our strategy," said Hock Tan, Broadcom's CEO.

Symantec, well known for its antivirus, is facing stiff competition in the IT security market. Several of its executives, including Managing Director Greg Clark, have left the group this year, which is also under investigation for accounting irregularities.

On August 8th, Symantec reported better-than-expected results for its first fiscal quarter ended July 5th, but also announced plans to reduce its global workforce by 7%, resulting in a $ 100 million charge to its accounts. . The group employed more than 11,900 people as of March 29th.

In the past quarter, Symantec reported net income of $ 26 million, or 4 cents per share, compared to a loss of $ 60 million (10 cents / share) a year ago. On an adjusted basis, earnings per share reached 43 cents, 10 cents higher than the consensus established by IBES Refinitiv.

The business security software division, which is sold to Broadcom, grew 9.9% to $ 611 million. Analysts averaged $ 564.3 million.

Broadcom expects the acquisition to be completed in the first quarter of fiscal year 2020 after regulatory approvals have been obtained in the United States, the European Union and Japan.

Source: (Supantha Mukherjee and Munsif Vengattil in Bangalore, Véronique Tison for French service)

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