Is Broadcom (AVGO) A Step Closer To Acquiring Symantec?
Zacks Investment Research | Jul 07, 2019 09:11PM ET
Broadcom (NASDAQ:AVGO) reportedly moved a step closer toward the acquisition of Symantec Corporation (NASDAQ:SYMC) . According to rumors, the semiconductor behemoth has secured funding and identified cost savings for the proposed buyout. Notably, the deal is likely to be worth more than $22 billion, including debt, according to rumors citing “people familiar with the matter.”
Meanwhile, CNBC reports say that Broadcom is considering acquiring Tibco Software, an infrastructure software company, in case Symantec deal fails to be materialized.
Palo Alto-based Tibco Software is a big data software platform that was purchased by Vista Equity Partners, a private equity firm, for $4.3 billion. Founded in 1997, the company manages information, decisions, processes and applications for more than 10,000 customers worldwide. However, Tibco Software refrained from making any comments about the rumored deal. Consequently, the terms of the deal are unknown.
Broadcom has been shifting away from the semiconductor business of late and is targeting software companies owing to uncertainty regarding Huawei which was blacklisted by the Trump administration for national security reasons. The trump administration claims that Huawei is involved in espionage for Beijing. The blacklisting has restricted US companies from doing business with Huawei.
Further, Broadcom has slashed prediction for semiconductor sales this year by $2 billion.
Broadcom Inc. Price and Consensus
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