MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Symantec Corp. (NASDAQ: SYMC) today announced the successful completion of the sale of its Enterprise Security Assets to Broadcom for $10.7 billion.
“By unlocking value from Enterprise Security, we have established an independent and singularly focused consumer Cyber Safety business,” said Rick Hill, Interim President and CEO. “NortonLifeLock is already a world recognized leader in consumer and small business Cyber Safety.
The singular focus will allow us to fuel growth and continue innovation.”
The Company also announced that it has transferred the Symantec brand to Broadcom and changed its name to NortonLifeLock Inc. effective immediately. Beginning tomorrow, November 5, 2019, its common stock will trade under the ticker symbol “NLOK” on the Nasdaq stock exchange.
“The launch of NortonLifeLock today is a key step in our transformation towards a standalone, pure-play consumer Cyber Safety business,” said Vincent Pilette, Chief Financial Officer. “As we move through the transition period over the next twelve months, we will realign our cost structure for the company to drive revenue growth, cash flow generation and earnings power.”
NortonLifeLock is now headquartered in Tempe, Arizona.
Further details on the completion of the Enterprise Security Assets to Broadcom will be provided on the Company’s fiscal second quarter 2020 earnings call, scheduled for November 7, 2019.
Goldman Sachs & Co. LLC served as financial advisor, and Fenwick & West LLP served as legal advisor to Symantec.
