Chipmaker Broadcom and cybersecurity specialist Symantec have reached a deal.
Broadcom will buy Symantec’s enterprise security business for $10.7 billion in cash, the companies said Thursday. The acquisition would help Broadcom diversify beyond its main memory chip business.
The proposed acquisition is still subject to regulatory approval. That’s been a sticking point for Broadcom in the past.
The company’s $117 billion bid for rival Qualcomm was blocked by President Donald Trump in 2018 over national security concerns.
Broadcom shares are down slightly in premarket trading. Symantec stock is up about 1%. It surged earlier in the week after the Wall Street Journal reported that the companies were close to a deal.