Symantec plans to sell its web security and public key infrastructure (PKI) solutions business to DigiCert, a move that CEO Greg Clark said would allow the company to continue its focus on its Integrated Cyber Defense platform.
The sale comes after rumours and reports of an upcoming sale of the business unit, dating back to July.
Symantec said it plans to sell the business for $950m in cash and a 30% stake in the DigiCert business. DigiCert, which is majority owned by private equity firm Thoma Bravo, offers a broad portfolio of security solutions for web services and Internet of Things devices, including identity and encryption.
If the deal goes through, it will essentially undo Symantec's $1.28bn acquisition in 2010 of Verisign.
CFO Nick Noviello said the website security business accounted for about $350m of Symantec's revenue. The company reported $3.6bn in total revenue in 2016.