FILE PHOTO: A sign at the head of the office of chip maker Broadcom Ltd. has been listed in Irvine, California, USA, November 6, 2017. REUTERS/Mike Blake/File Photo
(Reuters) – Chipmaker Broadcom, Inc. (“AVGO.(O) is in advanced talks to buy Symantec Corp’s (SYMC.(O) the enterprise business, according to people familiar with the matter.
It is also possible that a deal will be reached by the time, Symantec is announcing earnings on Thursday, but the negotiations could last for longer, the sources said.
The two companies could not immediately be reached for comment.
The deal could be worth around $10 billion, the Wall Street Journal reported on.wsj.com/2YSkZeC under the indication of source.
Shares of Symantec, which has a market value of $12.63 billion, which increased by 14 percent in extended trading, while those of Broadcom fell by 1%.
Symantec, last month walked away from negotiations to sell itself to Broadcom about the differences, Reuters has reported, citing people familiar with the matter.
Symantec is faced with serious competition from nimbler rivals, and several top-level executives leave the company this year, and while it is also being investigated by U.S. regulators over accounting irregularities.
Reporting by Supantha Mukherjee in Bengaluru and Greg Roumeliotis in New York; Editing by Arun Koyyur