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Symantec said on Thursday that it's looking for a CEO for the remaining consumer business. Hill joined the board alongside Peter Feld of activist hedge fund Starboard Value and Dale Fuller as part of an agreement Symantec made with Starboard in September. In May Symantec CEO Greg Clark stepped down, and director Richard Hill took over in the interim as the company said it was looking for a full-time replacement. Symantec's revenue declined 2% in its 2019 fiscal year, which ended on March 29. "There will be meaningful cross-selling opportunities with Brocade and CA solutions" as a result of the acquisition, Broadcom CEO Hock Tan told analysts on a conference call about the deal on Thursday. On the call Tan said becoming more focused on software reduces Broadcom's volatility. government impose limitations on how it could buy products from U.S. Broadcom cut its revenue guidance in June as one of its biggest customers, Huawei, saw the U.S. The CA deal has helped Broadcom diversify its business. Following that outcome Broadcom sought out mainframe software company CA, paying almost $19 billion. It tried and ultimately failed to buy fellow chipmaker Qualcomm for more than $100 billion as President Donald Trump stepped in and blocked the deal.

Weeks later CNBC's David Faber reported that talks between Broadcom and Symantec had ended, and shares of Symantec moved lower.īroadcom has been on an acquisition run for years. Speculation about a deal between the companies surfaced in early July, sending Symantec shares upward. Symantec shares were up as much as 12% during Thursday's trading session as investors awaited the news. The company also intends to increase its dividend to 12.5 cents per share after the close.

It plans to return of the proceeds of the deal after tax to investors as a $12-per-share special dividend after the deal closes. Symantec said in a statement that it expects the deal close before the end of 2019. Broadcom said it will own and use Symantec's brand name after the deal closes. Personal Loans for 670 Credit Score or Lowerīroadcom said its expects the combination to result in more than $1 billion in run-rate cost synergies in the 12 months after the deal has closed, partly by eliminating redundancies. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit