US President Donald Trump (L) shakes hands with China
US President Donald Trump (L) shakes hands with China's President Xi Jinping during a press conference at the Great Hall of the People in Beijing on November 9, 2017. Donald Trump urged Chinese leader Xi Jinping to work "hard" and act fast to help resolve the North Korean nuclear crisis, during their meeting in Beijing Thursday, warning that "time is quickly running out".
PHOTO: NICOLAS ASFOURI/AFP/Getty Images
Now playing
00:57
Romans: No end in sight to US-China trade war
A split of Chinese President Xi Jinping and US President Donald Trump.
A split of Chinese President Xi Jinping and US President Donald Trump.
PHOTO: Getty Images
Now playing
02:06
Trump administration dials up US-China tech tensions
NEW YORK, NEW YORK - NOVEMBER 24: People walk past the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. As investor
NEW YORK, NEW YORK - NOVEMBER 24: People walk past the New York Stock Exchange (NYSE) on November 24, 2020 in New York City. As investor's fear of an election crisis eases, the DowJones Industrial Average passed the 30,000 milestone for the first time on Tuesday morning. (Photo by Spencer Platt/Getty Images)
PHOTO: Spencer Platt/Getty Images
Now playing
02:20
Chinese firms face delisting threat
Screengrab Ant group
Screengrab Ant group
PHOTO: CCTV
Now playing
02:35
Chinese government halts Ant Group's giant IPO
In this photo taken on September 5, 2020, people wearing face masks walk in a shopping mall in Wuhan, China
In this photo taken on September 5, 2020, people wearing face masks walk in a shopping mall in Wuhan, China's central Hubei province. - China is recasting Wuhan as a heroic coronavirus victim and trying to throw doubt on the pandemic's origin story as it aims to seize the narrative at a time of growing global distrust of Beijing. (Photo by Hector RETAMAL / AFP) / TO GO WITH AFP STORY HEALTH-VIRUS-CHINA-DIPLOMACY-WUHAN,FOCUS BY DAN MARTIN (Photo by HECTOR RETAMAL/AFP via Getty Images)
PHOTO: Hector Retamal/AFP/Getty Images
Now playing
02:13
China expected to be the only major economy to grow in 2020
HONG KONG - 2019/04/06: In this photo illustration a Chinese online payment platform owned by Alibaba Group, Alipay, logo is seen on an Android mobile device with People
HONG KONG - 2019/04/06: In this photo illustration a Chinese online payment platform owned by Alibaba Group, Alipay, logo is seen on an Android mobile device with People's Republic of China flag in the background. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)
PHOTO: SOPA Images/LightRocket/LightRocket via Getty Images
Now playing
02:40
How China's Ant Group built a $17 trillion payments machine
In this photo illustration, the WeChat app is displayed in the App Store on an Apple iPhone on August 7, 2020 in Washington, DC.
In this photo illustration, the WeChat app is displayed in the App Store on an Apple iPhone on August 7, 2020 in Washington, DC.
PHOTO: Drew Angerer/Getty Images
Now playing
03:00
Why Trump's war on WeChat could hurt American businesses
A pedestrians walks past HSBC signage in the Admiralty district of Hong Kong on July 31, 2017.
HSBC said on July 31 pre-tax profit for the first half of 2017 had risen five percent to 10.2 billion USD compared with the same period last year, in what it called an "excellent" result following a turbulent 2016. / AFP PHOTO / ISAAC LAWRENCE        (Photo credit should read ISAAC LAWRENCE/AFP via Getty Images)
A pedestrians walks past HSBC signage in the Admiralty district of Hong Kong on July 31, 2017. HSBC said on July 31 pre-tax profit for the first half of 2017 had risen five percent to 10.2 billion USD compared with the same period last year, in what it called an "excellent" result following a turbulent 2016. / AFP PHOTO / ISAAC LAWRENCE (Photo credit should read ISAAC LAWRENCE/AFP via Getty Images)
PHOTO: Issac Lawrence/AFP/Getty Images
Now playing
03:31
HSBC may have to choose between China and the West
Concept illustration released on Aug 23, 2016 by the lunar probe and space project center of Chinese State Administration of Science, Technology and Industry for National Defence shows the concept portraying what the Mars rover and lander would look like. China
Concept illustration released on Aug 23, 2016 by the lunar probe and space project center of Chinese State Administration of Science, Technology and Industry for National Defence shows the concept portraying what the Mars rover and lander would look like. China's planetary exploration program has been named Tianwen, or Quest for Heavenly Truth, the China National Space Administration announced on Friday.
PHOTO: Illustration/Handout/Xinhua/CNSA
Now playing
03:22
Mars is the latest arena in US-China rivalry
A government advertisement (C) promoting Chinas planned national security law is displayed on the city hall building in Hong Kong on June 29, 2020. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
A government advertisement (C) promoting Chinas planned national security law is displayed on the city hall building in Hong Kong on June 29, 2020. (Photo by ISAAC LAWRENCE / AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
PHOTO: ISAAC LAWRENCE/AFP/AFP via Getty Images
Now playing
02:53
Hong Kong's business world divided over national security law
PHOTO: Photo Illustration: Shutterstock / CNN
Now playing
02:50
The moral dilemma of doing business in China, explained
BEIJING, CHINA - OCTOBER 27: A Chinese soldier stands guard in front of Tiananmen Gate outside the Forbidden City on October 27, 2014 in Beijing, China.  (Photo by Kevin Frayer/Getty Images)
BEIJING, CHINA - OCTOBER 27: A Chinese soldier stands guard in front of Tiananmen Gate outside the Forbidden City on October 27, 2014 in Beijing, China. (Photo by Kevin Frayer/Getty Images)
PHOTO: Kevin Frayer/Getty Images
Now playing
01:56
China censors a lot, from Winnie the Pooh to the NBA
Now playing
01:32
Huawei and 5G: What's at stake
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
PHOTO: Zhao Yun/VCG via Getty Images
Now playing
03:02
How Jack Ma changed China
PHOTO: Yum China
Now playing
01:43
Why American fast food chains will do anything to win in China
Now playing
01:51
What you need to know about Tencent
(CNN Business) —  

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. Symantec is America’s largest cybersecurity company. Its anti-virus software helps companies thwart cyber threats across their physical devices and in the cloud.

Previously, Broadcom acquired network equipment maker Brocade in 2017 and enterprise security company CA Technologies in 2018. The company said following the Symantec acquisition in the first quarter of 2020, it expects 29% of its total revenue to come from software, up from a projected 22% in 2019.

Broadcom aims to “build one of the world’s leading infrastructure technology companies across hardware and software,” CEO Hock Tan said on a call with analysts on Thursday.

The proposed acquisition is still subject to antitrust approval. And it comes just over a year after Broadcom’s $117 billion bid for rival Qualcomm (QCOM) was blocked by President Donald Trump over national security concerns.

The Trump administration argued that the proposed takeover would cause Qualcomm to fall behind in next-generation 5G technology, allowing competitors such as China’s Huawei to gain an edge. It was concerned that Broadcom’s plan to borrow $100 billion for the deal meant it would have had to squeeze cash out of Qualcomm, leaving less money for 5G research and development.

But unlike that deal, the Symantec aquisition will not require approval from the Committee on Foreign Investment in the United States, which was involved in blocking the Qualcomm deal, because Broadcom moved its headquarters from Singapore to San Jose, Calif. in April 2018.

Symantec’s consumer business will remain separate and be rebranded.

Symantec’s shares were up nearly 3% in after hours trading Wednesday. Broadcom’s were up less than half a percent.

Broadcom Inc (AVGO), headquartered in San Jose, California, is one of several companies that have taken a hit from an escalating US campaign against Huawei.

Washington has urged its allies to keep the Huawei’s telecom equipment out of their 5G networks, and in May banned US companies from selling it components without a license. Trump announced on June 29 that he would relax the ban but it is not yet known what impact that will have.

“It is clear that the US-China trade conflict including the Huawei export ban is creating economic and political uncertainty and reducing visibility for global customers,” Broadcom’s Tan said in an earnings call last month, after the company missed analyst expectations for the first quarter of 2019 and slashed its full year revenue outlook by $2 billion.