Symantec was contacted by a private equity pair to acquire the software company for over $ 16 billion, a move that could derail an agreement agreed last month to sell part of its business to US chipmaker Broadcom.
Permira and Advent International have taken a combined approach to take over the entire Symantec, evaluating the antivirus software producer Norton at around $ 26 per share, said the people informed about the offer.
Symantec shares rose more than 4% to close at $ 24.51. First the Wall Street Journal reported the interest of private equity companies.
Their approach comes weeks after Broadcom, one of the world's largest semiconductor companies, decided to purchase Symantec's business unit for $ 10.7 billion. An agreement to buy the entire company would be more tax-efficient for Symantec shareholders, stated an informed person on the offer.
An informed person on the Permira and Advent approach stated that it was not clear that Symantec would be interested in breaking the deal with Broadcom. The person added that companies could wait for the completion of the Broadcom agreement and subsequently acquire only the rest of the company.
Initially Broadcom had tried to buy the entire Symantec for $ 28.25 a share in early summer, but the idea fell apart after deciding to significantly cut its offer.
The chipmaker, led by serial dealmaker Hock Tan, was finalizing due diligence and discovered information that prompted him to try to reduce the value of the deal below $ 28 per share. After further talks, Symantec agreed at the beginning of last month to sell the corporate business, which offers cloud security, data loss prevention and other services.
Broadcom, which has been focusing on buying software companies since its rival chipmaker Qualcomm's acquisition was blocked, said that Symantec's business would add about $ 1 at the time. , 3 billion in pro-forma EBITDA, including synergies.