Broadcom acquired Symantec Enterprise Security business for $10.7 billion, a transaction completed in November 2019, structured as all cash. The deal was a Carve-out.
Symantec Enterprise Security business operates in Infrastructure software (enterprise security), is based in United States (carve-out from Symantec Corporation, Mountain View, California), had revenue of about more than $2 billion incremental run-rate revenue expected. Broadcom acquired the enterprise security division of Symantec, carving it out from the consumer-facing business (which remained as NortonLifeLock). The portfolio spans endpoint security, web security services, cloud security, and data loss prevention. It became the Symantec Enterprise division of Broadcom, extending Broadcom's software footprint into enterprise cybersecurity for its Global 2000 customers.
Next logical step in Broadcom's infrastructure-software strategy after Brocade and CA, adding an established enterprise-security leader and a predictable, recurring revenue stream sold through Broadcom's portfolio license agreement model.
Established leader in enterprise security with recurring revenue that fits Broadcom's portfolio license agreement (PLA) sales model. ~$1.3 billion pro forma EBITDA including synergies; more than $1 billion run-rate cost synergies targeted within 12 months of close. Operates as the Symantec Enterprise division of Broadcom, led by Art Gilliland as SVP and GM.
M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. 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.Hock Tan, President and CEO, Broadcom
Advisory firms were not disclosed for this transaction.