Symantec and Broadcom have ceased deal negotiations, sources told CNBC's David Faber.
Symantec had surged earlier this month after it was revealed that Broadcom was in advanced talks to acquire the security software vendor. Faem had reported that the two sides were negotiating a price and had seen synergies of $ 1.5 billion.
Symantec shares dropped 14% in $ 22.04 on Monday
Symantec has been overwhelmed in recent years by management turnover and a softer core
Chipmaker Broadcom, in the midst of an acquisition sprint, bought CA Technologies for $ 19 billion last year and tried to buy Qualcomm before the acquisition. US Even without Symantec, Broadcom has been working to acquire an infrastructure software company and has considered Tibco, three people familiar with the matter told CNBC earlier this month.
Vista Equity Partners acquired Tibco for $ 4.3 billion in 201
Still, the acquisition of a software company could give Broadcom a boost as trade tensions hurt its core semiconductor business and its relationship with Chinese telecommunications giant Huawei. Broadcom cut its forecast for chip sales this year by $ 2 billion after Huawei was blacklisted in May from buying US technologies