Broadcom is buying Symantec's enterprise security business for $10.7 billion, the companies announced Thursday. The deal effectively splits Symantec in two, with Broadcom taking ownership of its entire enterprise security portfolio and the Symantec brand name.

Chipmaker Broadcom is buying cybersecurity specialist Symantec Corporation’s enterprise security business for $10.7 billion in cash, the companies announced Thursday. The deal signals Broadcom’s continued efforts to diversify beyond its main memory-chip business.

Chipmaker Broadcom is buying cybersecurity company Symantec’s enterprise security business for $10.7 billion in cash. The deal is part of Broadcom’s ongoing effort to diversify beyond its memory chip business.

Broadcom (AVGO) said it agreed to buy Symantec (SYMC) division that serves business customers for $10.7 billion in cash, adding software designed to keep hackers out of corporate systems.