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Symantec to buy LifeLock for $2.3 bn
said it would acquire US identity services company for $2.3 billion, in a deal that it hopes will prop-up sales at its cybersecurity unit.Symantec's security software often comes bundled with personal computers.As a result, the company has suffered as consumers use mobile devices more than traditional computers.
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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.
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Arizona fraud-fighter company LifeLock sells for $2.3 billion
PHOENIX — Tempe-based LifeLock, an identity-theft protection company, will be sold to computer security software giant Symantec for $2.3 billion, it was announced.The companies said in a joint statement Monday that the deal would likely close in the first calendar quarter or 2017.Reuters reported the impending deal Sunday.
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