We are familiar with the Symantec Corp. will no longer be called Symantec. After being acquired by Broadcom Inc. in August this year, the security company announced that it has rebranded its name and changed its name to NortonLifeLock Inc., which changed its name on the NASDAQ exchange from SYMC to NLOK. On the first day of the new deal, Norton LifeLock shares rose 1.85% to $24.19.
“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.”
In addition, Broadcom has acquired the Symantec brand, which will be in the corporate security business of Broadcom. “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.”