Insiders said Thoma Bravo could pay as much as $1 billion in cash upfront for the business, which verifies the identity of websites. Thoma Bravo is said to be planning a merger between Symantec's web certificates business and DigiCert. Symantec would retain a minority stake.
Symantec's web certification unit has become an issue for Google's Chrome and other web browser owners who criticize its means of validating websites. Google had previously requested that Symantec change its underlying technology or be dropped by the browser. Negotiations are ongoing.
Symantec stock traded down at Wednesday's close, but was rising over 3% in after-hours trading.
More of What's Trending on TheStreet: