Despre Companie Servicii Solutii Reselleri Stiri Contact

Symantec to Acquire Lifelock for $2.3 Billion to Form World's Largest Digital Safety Platform for Consumers and Families

 

 

 

20 November 2016 - Symantec Corp. and LifeLock, Inc. (NYSE: LOCK) today announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value. The deal, which was approved by the boards of directors of both companies, is expected to close in the first calendar quarter of 2017, subject to customary closing conditions including LifeLock stockholder approval.

 

In the last year, one third of American citizens and over 650 million people globally were the victims of cybercrime. Consequently, more and more consumers are concerned about digital safety, an estimated $10 billion market growing in the high single digits. In the United States alone, the estimated total addressable market is 80 million people.

 

"As we all know, consumer cybercrime has reached crisis levels. 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," said Greg Clark, Symantec's CEO. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."

 

Symantec's acquisition of LifeLock brings together the #1 leader in consumer security with a leading provider of identity protection and remediation services. The combination will create the world's largest consumer security business with over $2.2 billion* in annual revenue based on last fiscal year revenues for both companies.

 

"People's identity and data are prime targets of cybercrime.  The security industry must step up and defend through innovation and vigilance," said Dan Schulman, Symantec's Chairman of the Board. "With the acquisition of LifeLock, Symantec adds a new dimension to its protection capabilities to address the expanding needs of the consumer marketplace."

 

Citi and J.P. Morgan Securities, LLC are serving as co-lead financial advisors to Symantec's Board of Directors (in alphabetical order).  Barclays, Bank of America Merrill Lynch, Citi, J.P. Morgan, and Wells Fargo are acting as financial advisors and are providing debt financing commitments to Symantec (in alphabetical order).  Fenwick & West LLP is acting as legal advisor to Symantec in connection with the acquisition, and Fenwick & West LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors to Symantec in connection with the debt financing.  Goldman, Sachs & Co. is acting as financial advisor to LifeLock. Wilson Sonsini Goodrich & Rosati and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal advisors to LifeLock.

 

Symantec Endpoint Security, as well as all the Symantec solutions are available in Romania through Simple IT, Symantec Partner.

 

 

About Symantec

 

Symantec Corporation (NASDAQ: SYMC), the world's leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec's Norton suite of products for protection at home and across all of their devices. Symantec operates one of the world's largest civilian cyber intelligence networks, allowing it to see and protect against the most advanced threats. For additional information, please visit www.symantec.com or connect with us on Facebook, Twitter, and LinkedIn.

 

 

About Simple IT

November 2016