Symantec Nearing Deal For VeriSign Security Unit

Symantec may about to get its cheque book out again, after rumours suggest that the security giant  will buy VeriSign’s authentication unit for a reported $1.3 billion (£908 million).

If true, the deal would be the latest attempt by VeriSign to sell off its security business.

CFO Withdraws From Conference

According to reports, speculation about a deal began when VeriSign’s chief financial officer, Brian Robins, withdrew from a JPMorgan Chase industry conference on Tuesday.

The Wall Street Journal later reported that a deal was within reach.

Last year, VeriSign sold its managed security services business to SecureWorks and its security consulting business to AT&T. The sell-off was part of a move by VeriSign to focus on its Internet registry business.

Splashing The Cash

As for Symantec, it recently announced agreements to purchase encryption vendors PGP and GuardianEdge for a combined $370 million (£258 million).

Officials at Symantec declined to comment on the speculation when contacted by eWEEK.