{"id":15448,"date":"2016-11-21T11:09:47","date_gmt":"2016-11-21T11:09:47","guid":{"rendered":"http:\/\/www.biphoo.com\/bipnews\/?p=15448"},"modified":"2016-11-21T11:09:47","modified_gmt":"2016-11-21T11:09:47","slug":"symantec-acquiring-lifelock-2-3-billion","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/symantec-acquiring-lifelock-2-3-billion.html","title":{"rendered":"Symantec Is Acquiring LifeLock for $2.3 Billion"},"content":{"rendered":"<h2>Symantec Is Acquiring LifeLock for $2.3 Billion<\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Symantec said it was acquiring U.S. identity theft protection services company LifeLock for an enterprise value of $2.3 billion.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">It expects to finance the transaction with cash on balance sheet and $750 million of new debt, Symantec said in a statement. Reuters first reported earlier on Sunday that Symantec was in the lead to acquire LifeLock.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The deal will expand Symantec\u2019s consumer offerings after its $4.65-billion purchase in August of Blue Coat, which helps companies maintain security over the internet. It would also represent a victory for activist hedge fund Elliott Management, which had pushed LifeLock to explore its options.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Symantec said the LifeLock deal is not expected to have a material impact on its financial results next year, and reaffirmed its fiscal year 2017 and 2018 guidance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Based in Tempe, Arizona, 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.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">LifeLock said it had 4.4 million members at the end of the third quarter, up 8% year on year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Through the acquisition of LifeLock, Symantec would enhance its consumer unit, which provides antivirus software. The Mountain View, California-based company has been moving away from what is sees as more commoditized services, selling its data storage business Veritas in January to private equity firm Carlyle Group LP for $7.4 billion.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">In February, Symantec announced a $500-million investment from technology-focused buyout firm Silver Lake Partners LP.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">Silver Lake invested another $500 million in Symantec when the latter agreed to acquire Blue Coat, while private equity firm Bain Capital LLC, which sold Blue Coat to Symantec, agreed to reinvest $750 Million in the combined company.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt;\">The Blue Coat deal also made Greg Clark, Blue Coat\u2019s chief executive officer, CEO of Symantec.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 10pt;\">Source:\u00a0http:\/\/fortune.com\/2016\/11\/20\/symantec-lifelock-deal\/<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/technology\/symantec-acquiring-lifelock-2-3-billion.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Symantec Is Acquiring LifeLock for $2.3 Billion Symantec said it was acquiring U.S. identity theft protection services company LifeLock for an enterprise value of $2.3 billion. It expects to finance the transaction with cash on balance sheet and $750 million of new debt, Symantec said in a statement. Reuters first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[6551,9564,9560,9562,6515,9559,9561,1783,9563],"class_list":["post-15448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-acquisitions","tag-antivirus","tag-deals","tag-identity-theft","tag-mergers","tag-symantec-is-acquiring-lifelock-for-2-3-billion","tag-symantec-lifelock-deal","tag-technology-news","tag-virus"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/15448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=15448"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/15448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/15450"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=15448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=15448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=15448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}