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Symantec Acquires Identity Protection Vendor Lifelock for $2.3 Billion
Posted 2016-11-21Symantec CEO looks to grow the capabilities of company's consumer and enterprise business units.Symantec announced on November 21 that it is acquiring identity protection vendor Lifelock, in a deal valued at $2.3 billion.The deal is expected to close in the first calendar quarter of 2017 and will pay Lifelock shareholders $24 per share.
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ID theft protection company Lifelock bought by Symantec for $2.3 billion
The figure of Norton Fighter, a hero character symbolizing reliability of Symantec's Norton Products, is displayed in front of Makuhari Messe during the Tokyo Game Show 2008 at Makuhari Messe on October 9, 2008 in Chiba, Japan.- Koichi Kamoshida/Getty ImagesHow worried are we about identity theft?Well, a fair amount, judging by a new acquisition that's been announced.
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Symantec to Acquire Lifelock for $2.3 Billion to Form World's Largest Digital Safety Platform for Consumers and Families
Symantec to Acquire Lifelock for $2.3 Billion to Form World's Largest Digital Safety Platform for Consumers and FamiliesCombines Norton, the #1 Consumer Security brand, and LifeLock, a leading Identity Protection providerCombination will expand addressable market, broaden value proposition, and enable sustainable consumer segment revenue and profit growthCompany reaffirms fiscal year 2017 non-GAAP financial guidanceCompany reaffirms fiscal year 2018 non-GAAP EPS guidance; acquisition expected to be accretive to FY2019 non-GAAP EPSMOUNTAIN VIEW, Calif. and TEMPE, Ariz.—November 20, 2016 — Symantec Corp. (NASDAQ: SYMC) and LifeLock, Inc. (NYSE: LOCK) today announced that they 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.In the last year, one third of American citizens and over 650 million people globally were the victims of cybercrime.
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