Symantec sold off its enterprise security business to chipmaker Broadcom for $10.7 billion, but will retain consumer cyber safety business.
The deal, which includes the Symantec brand name, was approved by Symantec’s board of directors and is expected to close before the end of the year, but still must pass standard regulatory approvals. Symantec will continue to manage the enterprise security business up until the closing at which point Broadcom will take over.
The company will retain control of its device security, identity threat protection and privacy software that that is sold to consumers and small businesses. This segment of Symantec’s business provides the majority of the company revenue.
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