Symantec to buy LifeLock for US$2.3b to boost cyber-identity protection

New York

SYMANTEC Corp, one of the world's largest cybersecurity companies, agreed to buy LifeLock Inc for about US$2.3 billion, including debt, to expand in services for identity protection.

The offer for LifeLock values its shares at US$24 apiece, according to a Business Wire statement. The offer is 16 per cent 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.