The acquisition aims to boost sales at its Norton cybersecurity unit. Symantecs security software often comes bundled with personal computers. Therefore, the company has suffered as consumers use mobile devices more than traditional computers. While Norton remains profitable, its sales have been falling, according to CNBC.
LifeLock offers services such as monitoring new account openings and credit-related applications in order to alert consumers about unauthorized use of their identity. It also works with government agencies, merchants and creditors to remediate the impact of identity theft.
The deal also represents a victory for activist hedge fund Elliott Management, which had pushed LifeLock to explore its options, the site continues. Symantec was advised by Citigroup and JP Morgan, along with Bank of America, Barclays, and Wells Fargo. LifeLock was advised by Goldman Sachs.
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