Deals
Broadcom Makes Progress on Symantec Deal With Financing, Savings
- Chipmaker has secured financing and identified cost savings
- Symantec’s ex-CEO, buyout firms also make long-shot pursuit
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Broadcom Inc. has secured financing and identified cost savings for the acquisition of Symantec Corp. in an all-cash deal that could value the cybersecurity firm at more than $22 billion including debt, according to people familiar with the matter.
The chipmaker received lending commitments from several banks and sees annual synergy potential of about $1.5 billion, said the people, who asked not to be identified because negotiations are private. An agreement could be reached around mid-July, though the talks could also still drag on or fall apart, the people said.