This week Symantec announced that they will be acquiring the fraud protection service LifeLock for $2.3 billion, equalling a total of $24 per share for the company.

The board of directors from both companies have already approved the deal and it is expected that the deal will finally close the deal in the first quarter of 2017.

Symantec said the following about the acquisition:

As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing.  With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers,” said Greg Clark, Symantec’s CEO. “This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers.”

Symantec’s acquisition of LifeLock brings together the #1 leader in consumer security with a leading provider of identity protection and remediation services. The combination will create the world’s largest consumer security business with over $2.3 billion in annual revenue based on last fiscal year revenues for both companies.

You can find out more information about the deal between Symantec and Lifelock at the link below.

Source: Symantec

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