Symantec, Permira Said to Be Among Interested LifeLock Bidders

  • Bids could value identity-theft protection company at $2B
  • Deal would strengthen Symantec’s cybersecurity capability

Symantec Corp., one of the world’s largest cybersecurity firms, and buyout group Permira are among companies interested in bidding for LifeLock Inc., people familiar with the matter said.

Symantec is weighing a bid for Tempe, Arizona-based LifeLock, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Permira and private equity peer TPG are also among interested bidders, with first-round offers expected to be made this month, the people said.

Representatives for Permira, TPG and LifeLock declined to comment. A spokeswoman for Symantec didn’t return messages seeking comment.

LifeLock is working with Goldman Sachs Group Inc. on the potential sale, which could value the company at about $2 billion, people with knowledge of the process said Nov. 11. Its shares have risen 12 percent to $19.70 since their Nov. 10 closing price, giving the company a market value of about $1.9 billion.

Symantec 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.

Elliott Management Corp., the activist investment group, unveiled a stake in LifeLock in June and owns about 11 percent of the company. LifeLock provides a range of identity-theft protection services for consumers and small businesses, including credit monitoring and alerts, according to its website.

— With assistance by Jordan Robertson

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