Monday 21 November 2016

Symantec to buy LifeLock for $2.3 billion to add ID protection

(Bloomberg) — 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 percent above Friday’s closing price. The Tempe, Arizona-based company was pursued by bidders including private equity firms Permira, TPG and 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 re-orientating 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, California-based Symantec sold data storage unit Veritas to Carlyle Group LP for $7.4 billion.

Source:-mercurynews

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