Broadcom to buy Symantec enterprise unit

Broadcom Inc. said it agreed to buy Symantec Corp.'s division that serves business customers for $10.7 billion in cash, adding software designed to keep hackers out of corporate systems.

The deal, which is expected to close in Broadcom's fiscal first quarter ending in January, comes less than a month after the two companies' discussions for a full merger fell apart over disagreements about the price.

The deal effectively splits Symantec in two, with Broadcom taking ownership of its entire enterprise security portfolio and the Symantec brand name. Symantec will retain its consumer-facing product portfolio, which includes the the LifeLock identity-protection brand and Norton antivirus software.

"By unlocking value from enterprise security, we are significantly advancing our ongoing transformation strategy and positioning our consumer cyber safety business, Norton LifeLock, for success," said Daniel H. Schulman, chairman of Symantec's board.

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