Broadcom plans to invest $10.7 billion in acquisitions

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      Broadcom (AVGO.O) said Thursday it would spend $10.7 billion in cash to buy the corporate security unit of Symantec (SYMC.O), an anti-virus software company, to expand its software business.
Shares of Symantec and Bloom rose 3.6% and 2% respectively in after-hours trading.
Bloom bought CA last year for $18.9 billion and is said to be approaching Tibco Software, an infrastructure software company that was privatized by Vista Equity Partners for $4.3 billion in 2014.
Bloom's attempt to buy QCOM.O, a mobile chip maker, for $117 billion last year ended in failure after it was suspended by the Trump government for national security reasons.
"Mergers and acquisitions play a central role in Broadcom's growth strategy, and this transaction represents the next logical step in our strategy," said Chen Fuyang, CEO of Broadcom.
Bloomcom said that the deal with Symantec is expected to be completed in the first quarter of fiscal year 2020, requiring approval from regulators in the United States, the European Union and Japan. Broadcom plans to issue new debt to finance the deal.


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