FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., 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) enterprise business, according to people familiar with the matter.
It’s possible that a deal is reached by the time Symantec announces earnings on Thursday, but negotiations could last longer, the sources said.
Both the companies could not be immediately reached for comment.
The deal could be worth about $10 billion, the Wall Street Journal reported, citing sources.
Shares of Symantec, which has a market value of $12.63 billion, rose 14% in extended trading, while those of Broadcom fell 1%.
Symantec last month walked away from negotiations to sell itself to Broadcom over price disagreements, Reuters had reported, citing people familiar with the matter.
Symantec is struggling with severe competition from nimbler rivals and has seen several top level executives leave the company this year, while it is also being investigated by U.S. regulators over an accounting irregularity.
Reporting by Supantha Mukherjee in Bengaluru and Greg Roumeliotis in New York; Editing by Arun Koyyur