Broadcom in talks with Symantec over $15bn takeover - reports

Symantec share price surges as rumours emerge

Broadcom is in "advanced talks" to acquire struggling security firm Symantec for $15bn (£11.9bn), according to reports.

Bloomberg claims that Broadcom could reach an agreement with Symantec within weeks, citing people familiar with the matter.

Semiconductor vendor Broadcom took a huge leap into the software market last year when it announced the acquisition of CA Technologies, in an $18.9bn deal.

Broadcom CEO Hock Tan is known for his ambitious approach to M&A, having acquired Broadcom for $37bn when at Avago - before adopting the Broadcom name.

His attempt to take over Qualcomm in what would have been the largest tech acquisition was however unsuccessful, with President Trump blocking the mammoth $117bn deal.

Symantec's share price rose by over 25 per cent after reports of Broadcom's rumoured bid emerged.

The cybersecurity stalwart has endured a troubling time of late, with its CEO recently stepping down after reporting disappointing results, being replaced by an interim boss.

The change came after activist investor Starboard took a sizeable position in Symantec last year, before reshuffling the boardroom.

Bloomberg said that Symantec declined to comment, while Broadcom had not responded to requests to comment.