LONDON (ShareCast) - (ShareCast News) - Symantec Corp has agreed to buy identity theft protection services company LifeLock for $24 per share or $2.3bn in enterprise value.
The deal, which has been given the green light by the boards of directors of both companies, is expected to close in the first quarter of next year.

Symantec said it plans to finance the transaction with cash on the balance sheet and $750m of new debt.

The company said the deal is not expected to have any impact on its quarter ending 30 December or its fiscal year 2017 results. It reaffirmed its financial guidance for 2017 and 2018.

Chief executive officer Greg Clark said: "As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4m highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defence for consumers.

"This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."

At 1040 GMT, LifeLock shares were up 13.5% to $23.55 in pre-market trade.

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