Broadcom is nearing a deal to buy Symantec

Chipmaker Broadcom is nearing a deal to buy US cyber security group Symantec in a transaction that could be worth more than $15 billion… Broadcom’s move to acquire Symantecsignals that the acquisitive chipmaker is shifting its attention to buying up software assets, after it was blocked by US President Donald Trump from pursuing a bid for rival Qualcomm last year. The US-based company run by Hock Tan, the arch-consolidator amid a wave of dealmaking in the global semiconductor industry, acquired CA Technologies for $18.9 billion a year ago… Mr Tan bought his way to the top of the chip industry with a series of big deals and earned a reputation as one of the industry’s most effective operators. He has sought to persuade investors that he can bring those same skills to bear in consolidating the fragmented enterprise software industry. Even at $15 billion, a deal would value Symantec some $6 billion below where it stood in late 2017, before it faced waning investor confidence over flagging growth… One of the pioneers of consumer antivirus software, Symantec has struggled to show it can expand into new corners of the security market to revive its fortunes… Its flagging growth and solid free cash flow, which topped $1 billion last year, have attracted interest from prominent private equity firms. 
 
James Fontanella-Khan and Richard Waters

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