Several sources are reporting that Symantec is close to a deal in which it would acquire Verisign’s security business and paying approximately $1.3 billion according to people close to the matter. Both Verisign and Symantec have declined to comment on the matter.
Verisign is best known for its secure Web site certificates or “Secure Sockets Later” SSL Certificates, widely used to encrypt sensitive Web transactions such as payments and personal data between web browsers and servers. 
The acquisition would add to Symantec’s recent acquisitions of PGP Corporation and GuardianEdge in which it shelled out a combined $370 million in cash for the two encryption businesses.
VeriSign’s security and trust products and services accounted for approximately $410 million of the $1 billion in sales for 2009. VeriSign has sold or shut down several business units over the past few years and in the event a sale of its security business, would leave it with one main business, its Internet domain business in which it manages over 100 domain names.
Brian Robins, VeriSign’s Chief Financial Officer canceled plans to speak at the Robert W. Baird 2010 Growth Stock Conference in Chicago on Wednesday. Reuters reported that VeriSign spokesman Brad Williams said Robins canceled his speaking engagement due to a last-minute schedule change, but did not provide any additional details.
Multiple sources have said that VeriSign had been exploring a possible sale of its security business and approaching potential buyers.
Shares VeriSign (NASDAQ: VRSN) rose after the Wall Street Journal reported the rumor, closing at $28.23 per share, up 5.18 percent. Shares of Symantec (NASDAQ: SYMC) fell 2.03 percent to $15.95 in trading Tuesday.