Cleary Gottlieb successfully represented Broadcom Inc. (Broadcom) in the merger proceedings before the EU Commission and the U.S. Federal Trade Commission (FTC) leading to the unconditional authorization of its acquisition of Symantec’s Enterprise Security Business (SESB).
The acquisition was announced in August 2019, and was granted early termination by the FTC on August 30, 2019. On October 31, 2019, the transaction was cleared by the EU Commission, which concluded that the acquisition would raise no competition concerns given the limited horizontal overlaps between the activities of the companies. The acquisition also received regulatory approval in Japan.
The acquisition strengthens Broadcom’s position as one of the leading infrastructure technology companies and expands its hardware and software technology footprint. Broadcom is a global technology leader that designs, develops, and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading product portfolio serves critical markets including data center, networking, software, broadband, wireless, storage, and industrial. SESB is the enterprise security software division of Symantec, an American software company headquartered in Mountain View, California.