broadcom symantec acquisition announcement

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. 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. 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. The Company completed its acquisition of the Symantec Enterprise Security business on November 4, 2019. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment. Financial terms were … A purchase of Symantec would bring Broadcom a fresh chance to sort out a large, underperforming software company. 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 will host a conference call to discuss details of the transaction. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Our filings with the SEC, which you may obtain for free at the SEC's website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. ", "We are excited to join Broadcom as it continues to build one of the world's leading infrastructure technology companies," said Mr. Gilliland. Broadcom to Acquire Symantec Enterprise Security Business August 8, 2019. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. 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. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash Expands Broadcom's Infrastructure Software Footprint with … 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. A recent … "Broadcom has a proven track record of successfully integrating companies, enabling enhanced growth and a faster pace of innovation, and we look forward to welcoming Symantec Enterprise customers, employees and suppliers to the Broadcom community.". Chipmaker Broadcom formally announced its acquisition of Symantec's enterprise business after the closing bell on Thursday. Forward-looking statements speak only as of the date of this communication. Reaffirms Fiscal Year 2019 Revenue Guidance. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. Announces Commencement of Private Offering of Senior Notes and Concurrent Tender Offers and Consent Solicitations. The Bridge services cannot run if user rights are not assigned to Symantec Endpoint Protection Bridge services. Announces Senior Leadership Appointments to Drive Continued Growth and Success. Symantec may not have held a place in Broadcom’s portfolio 52 weeks ago, but as the company pivots into an infrastructure technology company, the acquisition makes more sense. All rights reserved. This was more than offset by our … Investor Relations The all-cash transaction is expected to close in next year’s first quarter. All the latest Broadcom news -- product and financial -- can be found in the Broadcom newsroom. DUBLIN (dpa-AFX) - Accenture (ACN) agreed to acquire Symantec's Cyber Security Services business from Broadcom Inc. (AVGO). Strategic partnerships to expand reach and deliver superior customer experienceSAN JOSE, Calif., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Broadcom Inc. … 12/10/20 Broadcom Inc. "Fiscal year 2019 concluded as expected. Acquisition will make Accenture Security one of the world’s leading providers of managed security services. Broadcom's category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Media reports say that Broadcom AVGO is acquiring security software maker Symantec SYMC for $15 billion. Source: Press release, "Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom" Accessed 26 August 2019. SAN … All Events; Enterprise Software; Mainframe Software; Symantec Enterprise; Water Cooler; Groups . 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. 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. Our semiconductor solutions segment continued to work its way through a cyclical correction. He brings more than 20 years of experience in the security software industry. Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash August 8, 2019 Expands Broadcom's Infrastructure Software Footprint with Best-in-Class Suite of Integrated Enterprise Security Solutions Accelerates Broadcom's Efforts to Build One of the World's Leading Infrastructure Technology Companies Broadcom Inc. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. On January 7, 2020, Accenture plc had agreed to acquire Symantec's 300-person cybersecurity services division from Broadcom. 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., Aug. 8, 2019 /PRNewswire/ -- Broadcom, Inc., (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation (NASDAQ: SYMC) for $10.7 billion in cash. 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. Cautionary Statement Regarding Forward-Looking Statements. The formal announcement could be … With Broadcom’s recent announcement that Symantec Enterprise Protection has officially joined Broadcom, Symantec migrated the documentation to the Broadcom Symantec Security Tech Docs Portal. Accordingly, you should not place undue reliance on such statements. Symantec Announces Sale of Enterprise Security Assets for $10.7 Billion to Broadcom. Broadcom today also reaffirmed its fiscal year 2019 revenue guidance of $22.5 billion, with $17.5 billion from semiconductor solutions and $5 billion from infrastructure software, as last provided in its second quarter fiscal year 2019 earnings release on June 13, 2019. 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. The deal is stalled on SYMC's insistence on a $28+ buyout price. 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. Copyright © 2005 - 2021 Broadcom. However, Broadcom now intends to utilize excess cash flow beyond its dividend payments to focus on rapidly paying down debt as opposed to stock repurchases. 212-355-4449, View original content:http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html, Broadcom Completes Acquisition of Symantec Enterprise Security Business. 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). Hock Tan, President and Chief Executive Officer of Broadcom, said, "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 has not released the financial details for most of these mergers and acquisitions. Time: 2:00 PM Pacific (5:00 PM Eastern) 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 Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. Broadcom has obtained $23 billion in financing ahead of a potential acquisition of Symantec. Broadcom is not readily able to provide a reconciliation of the projected non-GAAP financial information presented herein to the relevant projected GAAP measures without unreasonable effort. 12/10/20 Broadcom Inc. View original content:http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html, Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 20201, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions. "Symantec's Enterprise Security business expands our footprint of mission critical infrastructure software for the Global 2000. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Those risks, uncertainties and assumptions include: the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect Broadcom's business and the price of the common stock of Broadcom; the failure to satisfy any of the conditions to the consummation of the proposed transaction, including the receipt of certain regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the asset purchase agreement; the effect of the announcement or pendency of the proposed transaction on Broadcom's business relationships, operating results and business generally; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the proposed transaction; risks related to diverting management's attention from ongoing business operations; the outcome of any legal proceedings that may be instituted related to the asset purchase agreement or the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; the ability of Broadcom to achieve its plans, forecasts and other expectations (including regarding expected revenues, returns and synergies) with respect to the acquired business after completion of the proposed transaction; and other risks described in Broadcom's and its predecessors' filings with the United States Securities and Exchange Commission, such as Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Other particular uncertainties that could materially affect future results include risks associated with: any loss of Broadcom's significant customers and fluctuations in the timing and volume of significant customer demand; Broadcom's dependence on contract manufacturing and outsourced supply chain; any other acquisitions Broadcom may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired companies with Broadcom's existing businesses and Broadcom's ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; global economic conditions and concerns; government regulations and trade restrictions; Broadcom's ability to accurately estimate customers' demand and adjust its manufacturing and supply chain accordingly; Broadcom's significant indebtedness, including the additional significant indebtedness that Broadcom expects to incur in connection with the proposed transaction, and the need to generate sufficient cash flows to service and repay such debt, and ability to maintain an investment grade credit rating; dependence on and risks associated with distributors of Broadcom products; dependence on senior management and Broadcom's ability to attract and retain qualified personnel; international political and economic conditions; Broadcom's dependency on a limited number of suppliers; quarterly and annual fluctuations in operating results; the amount and frequency of Broadcom stock repurchases; cyclicality in the semiconductor or enterprise software industry or in target markets; Broadcom's competitive performance and ability to continue achieving design wins with its customers, as well as the timing of any design wins; prolonged disruptions of Broadcom's or its contract manufacturers' manufacturing facilities or other significant operations; Broadcom's ability to improve its manufacturing efficiency and quality; Broadcom's involvement in legal or administrative proceedings; Broadcom's dependence on outsourced service providers for certain key business services and their ability to execute to Broadcom's requirements; Broadcom's ability to maintain or improve gross margin; Broadcom's ability to protect its intellectual property and the unpredictability of any associated litigation expenses; compatibility of Broadcom's software products with operating environments, platforms or third-party products; Broadcom's ability to enter into satisfactory software license agreements; sales to Broadcom's government clients; availability of third party software used in Broadcom's products; use of open source code sources in Broadcom's products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; Broadcom's ability to sell to new types of customers and to keep pace with technological advances; market acceptance of the end products into which Broadcom's products are designed; Broadcom's ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; Broadcom's provision for income taxes and overall cash tax costs, legislation that may impact its overall cash tax costs and its ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. 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broadcom symantec acquisition announcement 2021