With Norton and LifeLock, Symantec Moves to Provide Greater Cyberdefense for Consumer Data

Symantec Corp. and LifeLock, Inc. recently announced they have entered into a definitive agreement for Symantec to acquire LifeLock for $2.3 billion in enterprise value. The deal is expected to close in the first calendar quarter of 2017.

LifeLock is a provider of identity and fraud protection services, with over 4.4 million members.

The acquisition will combine the Norton consumer security brand and Lifelock.

In the last year, Symantec says, one-third of American citizens and over 650 million people globally were the victims of cybercrime, and digital safety is an estimated $10 billion market growing in the high single digits.

LifeLock has over 4.4 million member, and, with the combination of Norton and LifeLock, Greg Clark, Symantec’s CEO, said Symantec will now be able to deliver comprehensive cyberdefense for consumers, said Greg Clark, Symantec’s CEO. The acquisition, he added, marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers.

The transaction is subject to customary closing conditions including LifeLock stockholder approval.

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