In order to expand its service in identity protection,LifeLock Inc. is to be acquired by one of the largest cyber security companies Symantec Corp. The deal is for about $2.3 billion that includes the debt of LifeLock Inc. LifeLock shares are priced $24 individually for the deal that is 16 percent higher than the Friday’s closing price. The owner of Norton Antivirus software, Symantec is reorienting its business focusing on cybersecurity and in the process, it has also acquired Blue Coat Inc. from Bain Capital this year in a $4.65 billion deal. The company has also sold its data storage unit Veritas for $7.4 billion to Carlyle Group LP. Greg Clark, Symantec Chief Executive Officer said in a statement they would be able to offer comprehensive cyber security defense to its customers with the combination of LifeLock and Norton. The consumer security industry is transforming to digital safety for customers with this acquisition.
LifeLock has been functioning with Goldman Sachs Group Inc. on the possible sale for several months. A range of identity theft protection service including credit monitoring and alert for small businesses and consumers. The company’s shares have increased to $1.95 billion, which is a 45 percent increase. As per a statementJPMorgan Chase & Co. and Citigroup Inc. are serving as financial advisor to Symantec.