Symantec to acquire LifeLock in $2.3 bn deal

NEW YORK: Symantec Corp, one of the world’s largest cybersecurity companies, agreed to buy LifeLock Inc for about $2.3 billion including debt to expand in services for identity protection.

The offer for LifeLock values its shares at $24 apiece, according to a Business Wire statement. The offer is 16% above Friday’s closing price.

The Arizona-based company was pursued by bidders including PE firms Permira, TPG and A Evergreen Coast Capital, the new buyout arm of hedge fund Elliott Management, according to people familiar with the matter, who asked not to be named because the process is private.


Symantec, the maker of Norton antivirus software, has been reorientating its business more heavily toward cybersecurity, acquiring Blue Coat Inc from Bain Capital this year in a $4.65 billion deal.

Earlier in the year, Mountain View, Californiabased Symantec sold data storage unit Veritas to Carlyle Group LP for $7.4 billion.

“With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defence for consumers,” Symantec Chief Executive Officer Greg Clark said in the statement.

“This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers.”

LifeLock has been working with Goldman Sachs Group Inc. on the potential sale for several months, people with knowledge of the process said earlier this month.

The company provides a range of identity-theft protection services for consumers and small businesses, including credit monitoring and alerts, according to its website.