Symantec to sell website security and related PKI solutions to DigiCert
Symantec and DigiCert, a provider of scalable identity and encryption solutions for the enterprise, yesterday announced an agreement under which DigiCert will acquire Symantec's Website Security and related PKI solutions. Under the terms of the agreement, Symantec will receive approximately $950M in upfront cash proceeds and approximately a 30% stake in the common stock equity of the DigiCert business at the closing of the transaction. The transaction, which has been unanimously approved by the Symantec Board of Directors, is expected to be completed in the third quarter of fiscal 2018, subject to the satisfaction of customary closing conditions. J.P. Morgan Securities LLC is serving as financial advisor, and Fenwick & West LLP is serving as legal counsel to Symantec. Financing for the transaction was provided by UBS Investment Bank, Credit Suisse, Jefferies Finance LLC and Goldman Sachs Bank USA. UBS Investment Bank, Credit Suisse and Jefferies LLC are serving as financial advisors, and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo and DigiCert.