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Report: Symantec closes in on VeriSign buy

Security giant Symantec is close to finalizing a deal to purchase VeriSign's authentication unit for $1.3 billion, according to The Wall Street Journal.

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Symantec is finalizing a deal in which it will buy the security unit of VeriSign to the tune of about $1.3 billion, according to The Wall Street Journal.

If it goes through, the deal would give Symantec ownership of VeriSign's authentication business, the Journal's sources say.

The acquisition would further expand Symantec's reach into the encryption business. The news comes just a few weeks after the security giant announced it planned to buy PGP and GuardianEdge, two encryption companies, for $300 million and $70 million respectively.

At the end of April, VeriSign reported revenue of $264 million for its latest quarter, up 1 percent from the previous quarter and up 4 percent from the same quarter a year prior.

Neither company has yet responded to requests for comment on the rumored deal.