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Friday, May 21, 2010

Symantec to acquire Verisign for $1.3bn

Technology provider Symantec has unveiled details of a deal to acquire VeriSign for $1.28 billion.

According to the firm, the transaction includes the acquisition of many of VeriSign’s security and authentication products in identity protection, trust and certification.

The deal is due to be finalised by the third quarter of 2010 following approval from industry regulators.

Acquiring VeriSign should enable businesses to adopt identity security with greater ease across a wider range of technology models
including cloud computing, social networking and mobiles, Symantec explained.

Enrique Salem, president and chief executive officer at Symantec said: "With the combined products and reach from Symantec and VeriSign, we are poised to drive the adoption of identity security as the means to provide simple and secure access to anything from
anywhere, to prevent identity fraud and to make online experiences more user-friendly and hassle-free.”

As part of the transaction, Symantec will take a controlling share in VeriSign’s Japanese business.

Share earnings are expected to be diluted by $0.09 during the fiscal year of 2011 due to the associated costs of the transaction.

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