Semiconductor giant Broadcom has announced an agreement to acquire the enterprise security business of cybersecurity company Symantec for $10.7 billion in cash.
The transaction, expected to close before the end of the calendar year, is expected to drive more than $2 billion of annual revenues.
The addition of Symantec’s enterprise security portfolio will significantly expand Broadcom’s infrastructure software footprint as it continues to build one of the world’s leading infrastructure technology companies.
Hock Tan, President and Chief Executive Officer of Broadcom, said, “Symantec’s enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world’s most powerful defense solutions that protect against today’s evolving threat landscape and secure data from endpoint to cloud.”
Last year Broadcom had made its shift in software by purchasing mainframe software company CA for $18.9bn .