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Broadcom in advanced calls to buy Symantec's business: sources



FILE PHOTO: A sign for the campus offices of chip maker Broadcom Ltd appears in Irvine, California, USA, November 6, 2017. REUTERS / Mike Blake / File Photo

(Reuters) ̵

1; Chipmaker Broadcom Inc ( AVGO.O ) is in advanced negotiations to buy Symantec Corps ( SYMC.O ) business, according to people familiar with the matter.

It is possible that an agreement will be reached when Symantec announces earnings on Thursday, but the negotiations may last longer, the sources said.

Both companies could not immediately be reached for comment.

The deal could be worth around $ 10 billion, the Wall Street Journal reported at.wsj.com/2YSkZeC, citing sources.

Shares of Symantec, which has a market capitalization of $ 12.63 billion, rose 14% in expanded trading, while Broadcom's share fell 1%.

Last month, Symantec walked away from negotiations to sell itself to Broadcom over price discrepancies, Reuters reported, citing people familiar with the matter.

Symantec faces fierce competition from wiser rivals and has seen several top-level executives leave the company this year, while it is also being investigated by US regulators over an accounting irregularity.

Reporting by Supantha Mukherjee in Bengaluru and Greg Roumeliotis in New York; Editing by Arun Koyyur

Our Standards: Thomson Reuters Trust Principles.

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