Symantec to Acquire All of Anti-Spam Firm

Symantec Corp. agreed to acquire the 89% stake in Brightmail, a maker of anti-spam technology, it does not own for about $370 million in cash, bolstering its gateway security capabilities as public demand for junk mail filters grows.

The deal, if approved, would end Brightmail’s plans to go public. The San Francisco-based company filed in late March to raise about $80 million in an initial public offering.

Cupertino, Calif.-based Symantec, which already owned an 11% stake in Brightmail via a July 2000 investment, hopes to close the transaction by July.

Shares of Symantec rose 45 cents to $47.08 on Nasdaq.