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Symantec shares soar on Broadcom acquisition reports

By Staff Correspondent |

Broadcom Inc. (NASDAQ: AVGO) is looking to acquire cybersecurity company Symantec Corp. (NASDAQ: SYMC), according to a report by Bloomberg. The company is said to be in advanced talks and could reach an agreement within weeks.

However, the deal has not yet been finalized and there is no guarantee that an agreement will be reached. Both companies have not offered any comment on the matter. Symantec’s shares jumped 19% in premarket hours on Wednesday while Broadcom’s stock fell 4%.

Symantec has been struggling for a while with tough competition and slowing demand and the company saw its CEO Greg Clark abruptly leave the organization last month.

If successful, this would be Broadcom’s second largest acquisition in recent times. The company acquired CA Technologies for $18 billion last year. Broadcom had previously tried to acquire Qualcomm Inc. (NASDAQ: QCOM) but the deal was blocked over national security concerns.

Based on data from MarketWatch, analysts have estimated that the deal could value Symantec at $16.1 billion to $17.3 billion.

Last month, Broadcom reported its second quarter 2019 results in which the company surpassed earnings estimates but missed on revenue. Revenues rose 10% year-over-year while adjusted EPS grew 7%.

Symantec saw a decline in revenue and adjusted EPS for its most recent quarter. Earnings dropped 11% but matched expectations while revenue fell 2% and missed forecasts. Broadcom’s shares have gained over 16% thus far this year while Symantec’s stock has climbed 19%.

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