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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