Symantec to acquire identity theft protection firm LifeLock

U.S. cyber-security software company, Symantec has announced that it is acquiring identity theft protection firm LifeLock for $2.3 billion aimed at making Symantec the world's largest digital safety platform.

"As we all know, consumer cybercrime has reached crisis levels. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," said Greg Clark, Symantec's CEO.

Symantec has agreed to pay $24 per share for LifeLock in enterprise value and expects the deal, already approved by board members, to be finalized in the first calendar quarter of 2017. The said offer is a 16 percent premium over its closing price of $20.75 on Friday.

The maker of Norton antivirus software is looking to break out beyond its traditional strength in antivirus software and will be integrating LifeLock with its Norton antivirus business into a single product division after the buyout.

LifeLock is a leading provider of identity and fraud protection services, with more than 4.4 million customers. It was started by Todd Davis, Robert Maynard in 2015 to protect the info of its members from use by third-party vendors. Leveraging unique data, science, and patented technology, the company offers identity threat detection, proactive identity alerts, and comprehensive remediation services at membership rates as low as $10.

"After a thorough review of a broad range of alternatives, our board of directors unanimously concluded that Symantec is the ideal strategic partner for LifeLock and offers our shareholders a significant premium for their investment, at closing," said Hilary Schneider, CEO of LifeLock.