DigiCert will acquire Symantec’s Website Security and related PKI solutions. Under the terms of the agreement, Symantec will receive approximately $950 million in upfront cash proceeds and approximately a 30% stake in the common stock equity of the DigiCert business at the closing of the transaction.

Financing for the transaction was provided by UBS Investment Bank, Credit Suisse, Jefferies Finance and Goldman Sachs Bank USA.

The addition of Symantec’s website security solutions will gain DigiCert capabilities to take advantage of growth opportunities in IoT and bring new approaches to the SSL market. DigiCert will continue to operate from its headquarters in Lehi, UT and will employ more than 1,000 professionals.

“Transitioning our website security and related PKI solutions to DigiCert allows us to sharpen our enterprise focus on delivering unparalleled protection for the cloud generation through Symantec’s Integrated Cyber Defense Platform. As our recently announced deals with Fireglass and Skycure demonstrate, we are accelerating the pace of innovation we bring to market through a combination of acquisitions as well as development from the ground up,” said Symantec CEO Greg Clark.

DigiCert will continue to be led by CEO John Merrill and an executive team with significant industry experience. Given the shared commitment to customer service, existing Symantec Website Security customers will be able to transition to a new platform that meets all industry standards and browser requirements and provides the foundation for future innovation in the Certificate Authority space for the benefit of customers.

J.P. Morgan Securities is serving as financial advisor and Fenwick & West is serving as legal counsel to Symantec. UBS Investment Bank, Credit Suisse and Jefferies are serving as financial advisors, and Kirkland & Ellis is serving as legal counsel to Thoma Bravo and DigiCert.

Symantec is a cyber security company.