Broadcom completed the acquisition of the enterprise security unit of Symantec for $10.7bn.

Broadcom, an American designer, developer, manufacturer and global supplier of a broad range of semiconductor and infrastructure software solutions, completed the acquisition of the enterprise security unit of Symantec, a cybersecurity company, for $10.7bn in cash. “This is a transformative transaction that should maximize immediate value to our shareholders while maintaining ownership in a pure play consumer cyber safety business with predictability, growth and strong consistent profitability. In addition it allows the Enterprise Security business to grow and compete on an enterprise platform with a worldwide sales and distribution reach which can service our existing customers. It also allows our Norton LifeLock business, a world recognized leader in consumer and small business cyber safety to operate independently and give investors a clear understanding of the growth opportunity and strong financial performance,” Rick Hill, Symantec Interim President and CEO.