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Symantec received buyout offer from Permira and Advent, WSJ

Symantec Corp has received an acquisition offer of more than $16 billion from private equity firms Advent International Corp and Permira after the cyber security firm agreed upon selling big portion of its business, according to a last week report by Wall Street Journal.

Permira and Advert moved toward Symantec with a takeover proposal of deal that would value Symantec at $26 to $27 a share to grab the company’s consumer operation while deal to sell its enterprise business would remain preserved that the company is talking with the chipmaking company Broadcom Inc, the WSJ reported.

Structuring of the deal like this could come reducing the burden of tax amount that has to be billed to its shareholders; the Journal reported citing people familiar with the matter.

It was not cleared that how the transaction would actually be executed to conclude the deal and there is also no such assurance that it would work.

If it would worked then it will be involving the equity firms initially to be buy Symantec and then continue discussing the sale of enterprise business unit to Broadcom and the other possibility of executing the acquisition transaction, in order to purchase the consumer unit of Symantec, is to wait until the conclusion of its enterprise deal with Broadcom, the Journal reported.

The consumer unit of Symantec is comprised of its identity-theft-protection products LifeLock and Norton antivirus, and last month Broadcom came on saying that it would buy the enterprise security business unit of Symantec for a cash deal of worth $10.7 billion that will further strengthen its software business through deals.

In July, Reuters, citing sources had reported that Symantec, for not coming to an agreement on price, turned its back on negotiations with Broadcom to sell the entire company.

Permira and Advent also came near to close the deal of buying the whole Symantec, but those talks also failed to be completed successfully, reported WSJ in its Friday report.

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Pamela Wilson

Written by Pamela Wilson

Pamela Wilson:- Healthcare
I am Pamela Wilson and I focus on breaking news stories and ensuring we (“News Stories World”) offer timely reporting on some of the most recent stories released through market wires about “Healthcare”. I have formerly spent over 7 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for newsstoriesworld.com specializing in quicker moving active shares with a short term view on investment opportunities and trends.

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