[ISN] Symantec to buy VeriSign's security unit for $1.3B, reports say

From: InfoSec News <alerts_at_private>
Date: Wed, 19 May 2010 00:01:49 -0500 (CDT)

By Jaikumar Vijayan
May 18, 2010

Security vendor Symantec Corp. is reported to be close to buying 
Internet infrastructure services vendor VeriSign Inc.'s security 
business for $1.3 billion.

The Wall Street Journal quoted unidentified sources who are said to be 
close to the deal as saying it would give Symantec control of VeriSign's 
$410 million authentication business, which provides a range of 
encryption technologies and services.

A Reuters report late Tuesday also quoted an unnamed source as saying 
that VeriSign had been shopping for a buyer for its security unit 

Meanwhile, other news reports fuled the speculation by adding that 
VeriSign CFO Brian Robins had abruptly pulled out of a JP Morgan 
investors conference on Tuesday afternoon.

News of the possible deal pushed VeriSign's shares up by $1.39 or 5.18% 
to $28.23 Tuesday afternoon. But with the expected deal not announced 
until late Tuesday, VeriSign's shares yielded back some of that gain in 
after hours trading. Shares of Symantec meanwhile were down 2.03% to 
$15.95 on news of the rumored deal.


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Received on Tue May 18 2010 - 22:01:49 PDT

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