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Private equity duo in $16bn buyout proposal with Symantec

Two private equity companies are looking to co-own the makers of Norton Anti-Virus software

private equity duo in buyout proposal with symantec

The software company who brought us Norton Anti-Virus - Symantec are the subject of a proposed buyout by two private equity firms.

Permira and Advent International are the two PE firms looking to co-own Symantec and according to reports value the company at $26 per share. This would mean a total buyout price set at $16bn.

Broadcom

One of the world’s largest semi-conductor companies Broadcom, have been focusing on buying software companies since they were blocked from buying rival chipmaking company Qualcomm.

One of the software companies they have attempted to buy is Symantec, with a deal being agreed last month to acquire the Symantec’s Enterprise Unit for $10.7bn.

Many are predicting the deal to be abandoned ever since the joint bid for the entire company was proposed by Permira and Advent International.

A deal that results in the entire company being bought out rather than two separate deals would be more tax efficient for Symantec shareholders.

However, both PE firms may be willing to wait for the Broadcom deal to go through, then purchase the remainder of the business for less if it’s more advantageous.

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