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Broadcom-Symantec Enterprise Deal: How It Came To Be, What Will Happen Now

Here's a deep dive into why Broadcom plans to buy Symantec’s enterprise security business for $10.7 billion and how Broadcom plans to improve the profitability and go-to-market strategy of the underperforming business.

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9. Symantec Will Significantly Reduce Head Count In The Coming Months

In addition to announcing the planned sale of its enterprise security business, Symantec Thursday also unveiled a $100 million restructuring program (its second in two years) that includes a 7 percent reduction in head count as well as the closure of certain sites. The job reductions and site closures, which have already been started, are expected to be mostly done by the company's fiscal third quarter, which ends Dec. 31.

Symantec has 12,000 employees today and expects to get down to 10,000 employees for both its enterprise and consumer segments as part of the improvement plan, Symantec CFO Vincent Pilette told investors. The head-count reductions will include people who have been instrumental in making the deal with Broadcom happen, Symantec CEO Richard Hill told investors.

The company expects to have 2,500 employees as part of its consumer business after the sale of the enterprise security business to Broadcom closes, according to Pilette. The remaining Norton and LifeLock consumer segments will have roughly $2.5 billion in revenue, and the company believes that having one employee per each $1 million of revenue is the right long-term target, Pilette said.

 
 
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