Broadcom completes acquisition of Symantec

Consumer division to stand alone as NortonLifeLock

Broadcom has completed its $10.7bn (£8.3bn) acquisition of Symantec, leaving behind the consumer business which will now be known as NortonLifeLock.

The deal was first announced in August after rumours had first suggested that Broadcom could acquire the entire Symantec business.

Broadcom has acquired the Symantec name as part of the deal, with the cybersecurity vendor's website now including "a division of Broadcom" under the company logo.

Broadcom CEO Hock Tan said: "Today represents an important milestone as Symantec's Enterprise Security business joins our other semiconductor and software franchises that together form the Broadcom platform."

"Symantec's Enterprise Security business expands our footprint of mission-critical infrastructure software for the Global 2000.

"We are pleased to welcome the talented team of employees at Symantec Enterprise Security to the Broadcom family."

Partners have previously told CRN that narrowing it focus to just the enterprise would be a good thing for partners.

However channel chatter has suggested that Broadcom will look to take a chunk of Symantec's biggest customers direct, which has caused unrest.

The consumer business will launch on the Nasdaq stock exchange today, under the ticker "NLOCK".

Norton interim CEO Rick Hill, who led the previously combined Symantec business, said: "By unlocking value from Enterprise Security, we have established an independent and singularly focused consumer cybersafety business.

"NortonLifeLock is already a world-recognised leader in consumer and small business cybersafety. The singular focus will allow us to fuel growth and continue innovation."

The wheels were set in motion for a changed structure at Symantec last year when activist investor Starboard took a stake in the business to "unlock value" in the vendor.

It then installed three directors to Symantec's board, before moving aside the vendor's CEO in favour of its own choice.

Under Broadcom's ownership, Symantec will be headed up by general manager Art Gilliland, who led the enterprise division under the previous regime.

He said: "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."