Symantec (SYMC) announced it has entered into a definitive agreement to sell its Enterprise Security assets, which include the Symantec name, to Broadcom Inc. (AVGO), for $10.7 billion in cash. The transaction, which was approved by Symantec’s Board of Directors, is expected to close before the end of the calendar year pending regulatory approvals. Upon closing of the transaction, Symantec expects to receive $10.7 billion, which is estimated to yield approximately $8.2 billion of after tax proceeds. Symantec expects to return approximately 100% of its after-tax cash proceeds in the form of a $12.00 per share special dividend to shareholders after the close of the transaction. “We expect to pay the special dividend in the fourth quarter of fiscal year 2020 and will update the expected dividend timing on our next quarterly earnings call,” the company said. “In addition, we expect to increase our regular dividend by 67% to $0.125 per share in the quarter following the close. The Board of Directors has approved an increase to our existing share repurchase authorization up to $1.6 billion. After the transition, we believe our Norton LifeLock business can generate $1.50 annual non-GAAP earnings per share and achieve mid-single digit revenue growth year over year. Prior to closing we will continue to manage the Enterprise Security business to best serve our customers, while partnering with Broadcom to plan for a smooth transition. At close, Broadcom will assume the Enterprise Security assets, including the Symantec name as part of their broad infrastructure software portfolio. In addition, at the close, we will continue to operate our industry leading and worldwide recognized Consumer Cyber Safety business which provides Device Security, Identity Threat Protection and Privacy software that protects consumers and small businesses from the ever increasing threats posed by cyber criminals around the globe.” The Board of Directors is conducting a search for a permanent CEO for the consumer business. The Board has engaged with a leading executive search firm and is considering both internal and external candidates. The transaction is subject to regulatory approvals and other closing conditions.