Broadcom has completed the acquisition of Symantec’s enterprise unit for $10.7 billion, the companies announced on Monday.
The first rumors about the acquisition emerged in early July and at the time it was reported that the deal could exceed $15 billion. Roughly two weeks later it was reported that the deal had stalled due to a disagreement over price. Broadcom officially announced plans to acquire Symantec for $10.7 billion on August 8.
Symantec Corp has now announced that the Symantec brand has been transferred to Broadcom and the company has changed its name to NortonLifeLock Inc., which is based in Tempe, Arizona, and will trade under the NLOK symbol on Nasdaq starting November 5.
“By unlocking value from Enterprise Security, we have established an independent and singularly focused consumer Cyber Safety business,” said Rick Hill, interim president and CEO of NortonLifeLock. “NortonLifeLock is already a world recognized leader in consumer and small business Cyber Safety. The singular focus will allow us to fuel growth and continue innovation.”
Broadcom has revealed that Symantec’s Enterprise Security business will become its Symantec Enterprise division and it will be led by Art Gilliland, who will serve as senior vice president and general manager.
Gilliland was the general manager of Symantec’s Enterprise Security business before it was acquired by Broadcom.
“Today represents an important milestone as Symantec’s Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform,” said Hock Tan, president and CEO of Broadcom. “Symantec’s Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000.”
The value of Symantec shares increased by over 1% on Monday and Broadcom shares jumped nearly 3%.
It was reported in September that private equity firms Permira and Advent International had been interested in acquiring Symantec’s consumer business for more than $16 billion, but the reports have yet to be confirmed.
Symantec has laid off hundreds of employees in the United States as part of a restructuring plan for fiscal year 2020.