Deals
Symantec to Buy LifeLock for $2.3 Billion to Add ID Security
- Cybersecurity company said to outbid Permira, TPG, Elliott
- Goldman worked on sale of identity-theft protection company
Inside Symantec's Proposal to Buy Lifelock
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Symantec Corp., one of the world’s largest cybersecurity companies, agreed to buy LifeLock Inc. for about $2.3 billion including debt to expand in services for identity protection.
The offer for LifeLock values its shares at $24 apiece, according to a Business Wire statement. The offer is 16 percent 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.