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May 19, 2010 6:49 PM

Cleary, Davis Polk on Symantec's $1.3 Billion Acquisition of VeriSign Assets

Posted by Brian Baxter

Security software maker Symantec announced on Wednesday that it would acquire VeriSign's Internet security business for $1.28 billion in cash, according to The New York Times.

The deal solidifies Symantec's standing as a leading technology security company, The Times reports, and is the latest divestiture by the Mountain View, Calif.-based VeriSign as it sharpens its focus on its Internet domain name business.

Cleary Gottlieb Steen & Hamilton M&A partners Christopher Austin and Benet O'Reilly led a team from the firm advising VeriSign on the deal. IP partner Leonard Jacoby, tax partner Sheldon Alster, antitrust partner Jeremy Calsyn, and employee benefits partner Arthur Kohn are also advising on the deal.

The firm previously advised VeriSign on its $175 million divestiture of VM3 in August 2009, a $50 million divestiture of DBMS in April 2008, and the sale of the its 49 percent stake in the Jamba joint venture in October 2008.

Davis Polk & Wardwell corporate partners Alan Denenberg and Martin Wellington, tax partner Rachel Kleinberg, IP partner Steven Weiner, environmental counsel Betty Moy Huber, real estate counsel James O'Brien, and employee benefits counsel Cynthia Akard are advising Symantec on the deal. The firm has previously advised the company, which like VeriSign, is based in Mountain View.

Reuters reports that VeriSign's Internet security business accounted for nearly half of the company's $1 billion in sales last year. As noted by The Am Law Daily, one individual that's benefited from VeriSign's Web technology is NBA star Chris Bosh, who was caught in a domain dispute last year.

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