Chipmaker Broadcom has moved to the fresher fields of business software with its latest deal. But M&A machines often sputter, and buying vaguely related businesses raises the odds of failure, writes rob_cyran.
Symantec said on Aug. 8 that it has agreed to sell its enterprise-security division to Broadcom for $10.7 billion. Talks in early July, as reported by Reuters, revolved around the chipmaker acquiring the entire cybersecurity firm.
Symantec is being investigated by U.S. regulators over an accounting irregularity. In May, Chief Executive Greg Clark abruptly stepped down to care for a family member. Separately, Broadcom in June cut its estimate of 2019 revenue by $2 billion, to $22.5 billion. Chief Executive Hock Tan blamed a “very, very sharp and rapid contraction of supply chain and orders out there from our customers, especially our global OEM customers.”
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