Broadcom Reportedly In Advanced Talks To Buy Symantec

(RTTNews) - Shares of Symantec Corp. (SYMC) surged more than 22% in after-hours trading on Tuesday after Bloomberg reported that Broadcom Inc. (AVGO) is in advanced talks to buy the cybersecurity firm.

Broadcom could reach an agreement to buy the Mountain View, California-based company within weeks. No deal has been finalized and the talks could fall through, the report said citing people familiar with the matter.

The deal would mark Broadcom's second big bet in software, following its $18 billion acquisition last year of CA Technologies. That deal came after Broadcom abandoned a hostile pursuit of Qualcomm Inc., after President Donald Trump blocked the transaction citing national security risks.

AVGO closed Tuesday regular trading at $295.33, down $5.02 or 1.67 percent. In the after-hours trade, the stock further dropped $12.08 or 4.09 percent.

SYMC closed regular trading at $22.10, up $0.04 or 0.18 percent. In the after-hours trade, the stock further gained $4.90 or 22.17 percent.