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Broadcom to Acquire Symantec Enterprise Security for $10.7B

SAN JOSE, Calif. – Broadcom, Inc., a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced an agreement to acquire the enterprise security business of Symantec Corporation for $10.7 billion in cash. The addition of Symantec's enterprise security portfolio will significantly expand Broadcom's infrastructure software footprint as it continues to build one of the world's leading infrastructure technology companies.

Hock Tan, President and Chief Executive Officer of Broadcom, said, "M&A has played a central role in Broadcom's growth strategy and this transaction represents the next logical step in our strategy following our acquisitions of Brocade and CA Technologies. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud. We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base."

With product lines across endpoint security, web security services, cloud security and data loss prevention, Symantec's enterprise security business offers its customers a best-in-class suite of integrated enterprise security solutions. Deploying Symantec's enterprise security suite through Broadcom's channels will strengthen its differentiated portfolio license agreement (PLA) strategy of offering significant overall savings to customers, while creating a predictable, recurring revenue stream for its business that will drive returns for shareholders.

The transaction is expected to drive more than $2 billion of sustainable, incremental, run-rate revenues and approximately $1.3 billion of Pro Forma EBITDA, including synergies. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. Additionally, Broadcom expects to achieve double-digit cash-on-cash returns on its investment.

Transaction Details
Under the terms of the asset purchase agreement, which has been approved by the Broadcom Board of Directors, Broadcom will pay Symantec $10.7 billion in cash at closing. Broadcom intends to fund the transaction with proceeds from new committed debt financing.

Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. However, Broadcom now intends to utilize excess cash flow beyond its dividend payments to focus on rapidly paying down debt as opposed to stock repurchases. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating.

The transaction, which is expected to close in the first quarter of Broadcom's fiscal year 2020, is subject to regulatory approvals in the U.S., EU and Japan and other customary closing conditions. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio.

Reaffirms Fiscal Year 2019 Revenue Guidance
Broadcom today also reaffirmed its fiscal year 2019 revenue guidance of $22.5 billion, with $17.5 billion from semiconductor solutions and $5 billion from infrastructure software, as last provided in its second quarter fiscal year 2019 earnings release on June 13, 2019.

Broadcom Corp. (Nasdaq: BRCM)


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