Symantec pops on report that private-equity firms made buyout proposal

Symantec pops on report that private-equity firms made buyout proposal


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Greg Clark, former CEO of Symantec, speaks during an interview in San Francisco. Bloomberg | Getty Images Symantec shares jumped as much as 7% on Friday following a report that


private-equity firms Permira and Advent International expressed interest in buying the company for $26 to $27 per share. The middle of the range is above Symantec's 52-week high of


$26.07 per share. An exit to private equity could provide shelter for a company whose revenue growth has slowed in recent years and that has cycled through CEOs. The deal would give the


firms Symantec's consumer security business while preserving Broadcom's previously announced acquisition of Symantec's enterprise security assets, the Wall Street Journal


reported, citing unnamed sources. Advent International and Permira both declined to comment. A Symantec representative did not immediately have a comment. The Journal said it's not


clear if the firms would buy Symantec and then move forward with the Broadcom acquisition, or waiting for the acquisition to close before they acquire what's left of the business.


Symantec shares have risen 27% in 2019 even as CEO Greg Clark stepped down in May and interim CEO Rick Hill stepped in. The majority of Symantec's revenue comes from the consumer


business, but it declined in the most recent quarter. Symantec's total revenue has gone down in three of the five most recent quarters. WATCH: M&A in cybersecurity should continue


to be 'pretty hot': Analyst _FOLLOW @CNBCTECH ON TWITTER FOR THE LATEST TECH INDUSTRY NEWS._