Symantec buys Veritas

With the acquisiition of Veritas, the Cupertino, California-based firm best known for its Norton security products will become one of the world's biggest software companies.  The deal was unanimously agreed by both boards and the Veritas unit will operate under the Symantec brand.

John W. Thompson, who will be chairman and CEO of the new company, said the deal came about in part by companies wanting to deal with fewer vendors. "Customers are looking to reduce the complexity and cost of managing their IT infrastructure and drive efficiency with fewer suppliers," he said in a statement.

He said the new company "will help customers balance the need to both secure their information and make it available, thus ensuring its integrity."

Rumors of the takeover have been circulating this week with both companies staying silent on the issue until today's announcement.

Upon completion, Veritas shareholders will receive 1.1242 Symantec shares for every share they currently hold.