Symantec news for Wednesday has SYMC stock up on talk of an acquisition by Broadcom (NASDAQ:AVGO).
According to recent reports, Symantec (NASDAQ:SYMC) is a target for a Broadcom acquisition. Some sources say the deal could be announced today. However, official word concerning the deal isn’t likely to come until after the July 4 holiday.
So just how much is Broadcom willing to pay for Symantec? If the reports are true, it will be shelling out $15.00 billion to add SYMC to its list of recent acquisitions. This values the company at roughly $6.00 billion less than what it was worth in late 2017.
The Symantec news about Broadcom looking to acquire the company comes as it continues to beef up its business with acquisitions. This includes the purchase of CA Technologies, which the company bought for $18.90 billion roughly a year ago, reports Financial Times.
An acquisition deal could be positive Symantec news for SYMC investors that want to get back some of their lost value from the last couple of years. The company has been dealing with shifting management that it hurting its business. Another factor playing into its troubles is more competition from rivals in the cybersecurity software space, CNBC notes.
SYMC stock was up 13% as of noon Wednesday and is up 13% since the start of the year. AVGO stock was down 4% as of noon Wednesday, but is up 16% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.