However, Broadcom now intends to utilize excess cash flow beyond its dividend payments to focus on rapidly paying down debt as opposed to stock repurchases. The company said following the Symantec acquisition in the first quarter of 2020, it expects 29% of its total revenue to come from software, up from a projected 22% in 2019.
View original content:http://www.prnewswire.com/news-releases/broadcom-to-acquire-symantec-enterprise-security-business-for-10-7-billion-in-cash-300899102.html, Broadcom to Acquire Symantec Enterprise Security Business for $10.7 Billion in Cash. SAN JOSE, Calif., Nov. 4, 2019 /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today announced that it has completed its acquisition of the Enterprise Security business of Symantec Corporation (NASDAQ: SYMC). The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. This release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. Broadcom will host a conference call to discuss details of the transaction. Symantec Acquisition by Broadcom. Broadcom intends to fund the transaction with proceeds from new committed debt financing. The term "Broadcom" refers to Broadcom Inc. and/or its subsidiaries. Conference call date: August 8, 2019 Trump announced on June 29 that he would relax the ban but it is not yet known what impact that will have. The deal signals Broadcom's continued efforts to diversify beyond its main memory-chip business. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as "will", "expect", "believe", "anticipate", "estimate", "should", "intend", "plan", "potential", "predict" "project", "aim", and similar words, phrases or expressions. Broadcom believes this non-GAAP financial information provides additional insight into the Company's on-going performance and has therefore chosen to provide this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons. ", "We are excited to join Broadcom as it continues to build one of the world's leading infrastructure technology companies," said Mr. Gilliland.
With product lines across endpoint security, web security services, cloud security and data loss prevention, Symantec's enterprise security business offers its customers a best-in-class suite of integrated enterprise security solutions. And it comes just over a year after Broadcom's $117 billion bid for rival. Following the closing of the transaction, Broadcom will own and incorporate the Symantec brand name into the Broadcom portfolio. Broadcom aims to "build one of the world's leading infrastructure technology companies across hardware and software," CEO Hock Tan said on a call with analysts on Thursday. Reaffirms Fiscal Year 2019 Revenue Guidance. Broadcom's solutions include data center networking and storage, enterprise and mainframe software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. Broadcom believes access to the investment grade credit market is fundamental to its strategy and fully intends to maintain its investment grade credit rating. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) relating to Broadcom. 408-433-8000investor.relations@Broadcom.com, Joele Frank / Steve Frankel / Andi RoseJoele Frank, Wilkinson Brimmer Katcher Management does not believe that these items are reflective of the Company's underlying performance. He brings more than 20 years of experience in the security software industry. A webcast of the conference call will also be available in the "Investors" section of Broadcom's website at https://investors.broadcom.com. "Broadcom has a proven track record of successfully integrating companies, enabling enhanced growth and a faster pace of innovation, and we look forward to welcoming Symantec Enterprise customers, employees and suppliers to the Broadcom community.". All times are ET.
We look forward to expanding our footprint of mission critical infrastructure software within our core Global 2000 customer base.". Symantec was sold some time ago for 10.7 billion US $ to the Broadcom. The transaction is expected to drive more than $2 billion of sustainable, incremental, run-rate revenues and approximately $1.3 billion of Pro Forma EBITDA, including synergies. Factset: FactSet Research Systems Inc.2018. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates.
Washington has urged its allies to keep the Huawei's telecom equipment out of their 5G networks, and in May banned US companies from selling it components without a license. 212-355-4449, View original content:http://www.prnewswire.com/news-releases/broadcom-completes-acquisition-of-symantec-enterprise-security-business-300950721.html, Broadcom Completes Acquisition of Symantec Enterprise Security Business. All rights reserved. Most stock quote data provided by BATS. The addition of Symantec's enterprise security portfolio will significantly expand Broadcom's infrastructure software footprint as it continues to build one of the world's leading infrastructure technology companies. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The transaction is expected to generate more than $1 billion of run-rate cost synergies within 12 months following close. A replay of the call will be available for one week by dialing (800) 585-8367 (US) or +1 (404) 537-3406 (International) and the passcode is 7958018. Broadcom expects its current dividend policy of delivering 50% of its prior fiscal year free cash flow to shareholders to remain unchanged. Symantec's enterprise security business is recognized as an established leader in the growing enterprise security space and has developed some of the world's most powerful defense solutions that protect against today's evolving threat landscape and secure data from endpoint to cloud.
Broadcom is close to finalizing the acquisition of Symantec for more than $15 billion, the Financial Times reported. The Trump administration argued that the proposed takeover would cause Qualcomm to fall behind in next-generation 5G technology, allowing competitors such as China's Huawei to gain an edge. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, as well as assumptions made by, and information currently available to, Broadcom's management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Broadcom's and Broadcom's management's control, and which may cause actual results to differ materially from those contained in forward-looking statements. Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions.
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