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Symantec in talks to split company in two


(REUTERS) – Security software maker Symantec Corp is in advanced talks to split its business into two entities – one that sells security programs and another that does data storage, Bloomberg reported, citing people with knowledge of the matter.

An announcement may be a few weeks away, Bloomberg said.

Reuters reported in April that Symantec (SYMC) was in the process of hiring banks to help advise on strategy and defend against possible activist investors.

Symantec spokeswoman Kristen Batch said in an email the company does not comment on rumors.

Tech companies spinning out part of their business has become a bit of a trend lately. Last week, online marketplace eBay (EBAY) said it would split off its online payments service PayPal into a separate company. Then on Monday, Hewlett-Packard (HPQ) unveiled plans to cleave its business into one focused on business customers and another on computers and printers. Both companies explained that the goal was to become smaller and more nimble. Some investors have pushed for such breakups as a way to lift share prices by separating out slower growing divisions from higher growth areas.

(Fortune contributed to this report)