Just over a year ago, Broadcom launched a bid for rival chipmaker Qualcomm. The bid was blocked by the US president Donald Trump citing security reasons. In its expansion bid, Broadcom is reportedly set to take another major step forward as it looks to spread its tentacle beyond semiconductors into the software business.

A report carried by Bloomberg quotes people familiar with the potential deal to have revealed that the company is in advanced talks to acquire cybersecurity firm Symantec. Symantec is the world’s largest maker of cybersecurity software and it provides products and services to over 350,000 organizations and 50m people. The deal could be sealed as early as a few weeks but presently, no deal has yet been finalized and the talks could still collapse. This will be Broadcom’s second big software acquisition if it succeeds. The company had completed an $18bn takeover of CA Technologies last year.

The news of a buy bid by Broadcom propelled Symantec’s shares upwards by 22 percent in extended trading. However, neither Broadcom nor Symantec has commented on the news.

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(source)

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