Broadcom To Buy Enterprise Security Unit Of Symantec For $10.7 Bln - Quick Facts

(RTTNews) - Broadcom, Inc., (AVGO) has agreed to acquire the enterprise security unit of Symantec Corp. (SYMC) for $10.7 billion. Broadcom will own the Symantec brand name following the closing of the deal.

Broadcom expects the deal to result in more than $2 billion of run-rate revenues and approximately $1.3 billion of pro Forma EBITDA, including synergies. The current dividend policy is expected to remain unchanged. The company now plans to utilize excess cash flow to rapidly pay down debt.

Broadcom reaffirmed its fiscal 2019 revenue guidance of $22.5 billion, with $17.5 billion from semiconductor solutions and $5 billion from infrastructure software.