Symantec to buy GuardianEdge and PGP

Software-security supplier Symantec is to acquire PGP Corporation and GuardianEdge Technologies, two privately held companies in the email and data-encryption markets.

Under the terms of agreements signed between the companies, Symantec will acquire PGP Corporation for approximately $300m (£195m) and GuardianEdge for around $70m.

The agreements are subject to customary closing conditions, including regulatory approvals, and are expected to close during the June quarter.

Symantec expects the transactions to be $0.02 dilutive to non-GAAP earnings per share in its 2011 fiscal year and accretive to its non-GAAP earnings per share in its 2012 fiscal year.

Both PGP Corporation and GuardianEdge will join the Enterprise Security Group of Symantec, led by senior vice-president Francis deSouza.