Symantec Climbs on Report of Sale of Storage Business

Symantec Said to Be Considering Sale of Veritas

Symantec Corp. shares jumped 5.6 percent after the Dow Jones newswire reported that its storage unit may fetch more than $8 billion in a sale.

Symantec, which bought Veritas in 2005, is looking to spin off the data-storage business to focus on anti-hacking services and other security technology. The split was announced in October.

Symantec is exploring a sale of Veritas and sounding out private-equity firms and other industry bidders, Dow Jones reported, citing unidentified sources. Analysts and investors have long sought a breakup of the company, which has a market capitalization of $17.5 billion. They have argued Symantec’s businesses weren’t compatible, and that the company’s stock price was being hurt by fusing the high-margin security business with the less-profitable storage division.

Kristen Batch, a spokeswoman for Mountain View, California-based Symantec, declined to comment.

The shares of Symantec closed at $25.58 in New York on Friday, leaving them unchanged this year.

Before it's here, it's on the Bloomberg Terminal.