broadcom symantec acquisition announcement

Source: Press release, "Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom" Accessed 26 August 2019. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". Broadcom to Acquire Symantec Enterprise Security Business August 8, 2019. 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. All rights reserved. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. Broadcom Inc. Nov 04, 2019, 08:48 ET. Financial terms were not disclosed. Time: 2:00 PM Pacific (5:00 PM Eastern) Yesterday, Symantec inked a deal with Broadcom to sell its Enterprise Security unit for $10.7 billion. In October 2019, Broadcom was ordered by the European Union to stop allegedly anticompetitive practices. The formal announcement could be made as soon as today or after the July 4th holiday. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Financial terms were … Symantec has not released the financial details for most of these mergers and acquisitions. Mr. Gilliland most recently served as General Manager of Symantec's Enterprise Security business where he oversaw the Enterprise Security product and engineering teams, Enterprise Security Worldwide Sales and the Enterprise Security customer support organization. Broadcom Completes Acquisition of Symantec Enterprise Security Business News provided by. Passcode is 7958018. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Copyright © 2005 - 2021 Broadcom. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. Symantec's Enterprise Security business will now operate as the Symantec Enterprise division of Broadcom and will be led by Art Gilliland as SVP and General Manager. The financial results provided below do not include any contribution from the Symantec Enterprise Security business. The formal announcement could be … Broadcom has obtained $23 billion in financing ahead of a potential acquisition of Symantec. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. 12/10/20 Broadcom Inc. Broadcom intends to fund the transaction with proceeds from new committed debt financing. With product lines across endpoint security, web security services, cloud security and data loss prevention, Symantec's enterprise security business offers its customers a best-in-class suite of integrated enterprise security solutions. As of today, partners are no longer authorized to sell two popular Symantec products, Symantec Endpoint Protection Cloud and Symantec Endpoint Protection Small Business Edition. Cautionary Statement Regarding Forward-Looking Statements. Beatrice F. Russotto "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 Chief Executive Officer of Broadcom. Symantec Corp. is no longer Symantec, as the company changed its name following the completion today of Broadcom Inc.’s acquisition of its enterprise security … BROADCOM TO ACQUIRE SYMANTEC ENTERPRISE SECURITY BUSINESS FOR $10.7 BILLION IN CASH Building one of the world’s leading infrastructure technology companies Cautionary Statement Regarding Forward-Looking Statements Conference call date: August 8, 2019 Broadcom does not undertake any intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, as well as assumptions made by, and information currently available to, Broadcom's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Broadcom's and Broadcom's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. To find Endpoint Protection documentation, click the Reaffirms Fiscal Year 2019 Revenue Guidance. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family. The deal is stalled on SYMC's insistence on a $28+ buyout price. 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. Symantec Enterprise; Events. DUBLIN (dpa-AFX) - Accenture (ACN) agreed to acquire Symantec's Cyber Security Services business from Broadcom Inc. (AVGO). The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. A replay of the call will be available for one week by dialing (800) 585-8367 (US) or +1 (404) 537-3406 (International) and the passcode is 7958018. SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation (NASDAQ: SYMC). Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. Beatrice F. Russotto Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Announces Commencement of Private Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations. This non-GAAP information includes the effect, where applicable, of purchase accounting on revenue, and excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, debt-related costs, gain (loss) on extinguishment of debt, gain (loss) on dispositions of acquisition-related assets, income (loss) from discontinued operations and non-GAAP tax reconciling adjustments. These statements include, but are not limited to, statements regarding the expected completion and timing of the proposed transaction, expected benefits and costs of the proposed transaction, and management plans relating to the proposed transaction, and statements that address Broadcom's expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. This was more than offset by our … A live webcast and the accompanying presentation relating to the transaction will be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com in advance of the conference call. Symantec's first acquisition was C&E Software on January 1, 1984, and the founder of C&E Software, Gordon Eubanks, became the new chief executive officer of Symantec. The Bridge services cannot run if user rights are not assigned to Symantec Endpoint Protection Bridge services. "Fiscal year 2019 concluded as expected. This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) relating to Broadcom. Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations current dividend policy of delivering %. $ 23 billion in financing ahead of a potential acquisition of Symantec 's Enterprise after. Mission critical infrastructure software for the Global 2000 Broadcom 's category-leading product portfolio critical. 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