Symantec acquires LifeLock
Yesterday, Symantec Corp. and LifeLock, Inc. announced the signing of a definitive agreement that would end up with the two entities forming the largest digital safety platform for both consumers and families in the world. In addition to various other details, the financial terms of the deal have been disclosed by the official press release as well - "$24 per share or $2.3 billion in enterprise value."
Based on the last fiscal year revenues, Symantec and LifeLock have a combined annual revenue of $2.3 billion, with excellent opportunities for the future. In the US alone, the digital safety market for home users is estimated at 80 million people. Last year, over 650 million people worldwide and one-third of American citizens were victims of cyber crime.
According to Symantec's CEO Greg Clark, "LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers."
This transaction is subject to the satisfaction of customary closing conditions and is expected to close in the first part of 2017.
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