Symantec Corp. announced Nov. 20 it will acquire LifeLock Inc. for $2.3 billion, creating the world’s largest consumer security business.
With the approval of both the companies’ boards, the agreement is expected to close in the first quarter of 2017. The deal is still subject to customary closing conditions, such as regulatory approval in the U.S. and LifeLock stockholder approval.
“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 CEO of LifeLock Hilary Schneider in a news release.
Based on LifeLock’s and Symantec’s latest fiscal year, the two companies combined are worth over $2.2 billion in annual revenue.
Symantec said the acquisition will have no effect on the company’s last quarter in 2016, which will end Dec. 30, and no material impact on fiscal year 2017 financial results.
