Symantec to Buy LifeLock for $2.3 Billion to Form Digital Safety Platform
Symantec Corp. and LifeLock, Inc. have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value.
The deal, which was approved by the boards of directors of both companies, is expected to close in the first calendar quarter of 2017, subject to customary closing conditions including LifeLock stockholder approval.
"As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," said Greg Clark, Symantecs CEO. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."
The combination opf the two internet security companies will create the worlds largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenues for both companies.
"As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," said Greg Clark, Symantecs CEO. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."
The combination opf the two internet security companies will create the worlds largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenues for both companies.
