Symantec Corporation had purchased LifeLock to develop improvements concerning ID protection. Symantec is one of the largest cyber security corporations in the world. It purchased LifeLock Inc. for approximately $2.3 billion. This massive amount of money also included the sum allocated to expand in ID protection services. Apparently, the offer for purchasing LifeLock was estimated at $24 apiece.
However, the offer is above the closing price registered on November 18, being with 16% more advantageous. The company was acquired by buyers including stock enterprises like Evergreen Coast Capital, TPG, and Permira. Other such companies asked not to have their name made public since this process is assumed to be private.
Symantec has been trying to follow a different path, orienting its company towards cyber security. This year, the corporation has purchased Blue Coat Inc from Bain Capital for approximately $4.65 billion. Earlier this year, Symantec has sold to Carlyle Group LP some data storage Veritas for about $7.4 billion.
Greg Clark, the CEO of Symantec, has argued in a statement that their company will be able to offer extensive cyber security for all users now that they can combine LifeLock and Norton. He claimed that this purchase represented the alteration of the user security industry from cyber crime to a wide category of cyber safety for all costumers.
In the past, LifeLock has worked with Goldman Sachs Group Inc. debating for several months a potential sale. This company is bound to offer a range of protection against identity theft for small businesses and users. Their service also provides credit monitoring and alerts. The LifeLock’s shares have risen to 45%, increasing its market value up to $1.95 billion.
Back in June, an activist from Elliott who invested in LifeLock revealed a stake, owning approximately 11% of the enterprise. On November 14, Mentor Graphics Corp., another target of the Elliott activist, has agreed to be purchased for $4.5 billion by Siemens AG. The recently developed private investment of Elliott known as Evergreen Coast Capital desired to take over LifeLock together with another buyer.
Back in June, during the enterprise buyout deal, Evergreen was prompted to purchase the software unit of Dell Inc. together with Francisco Partners Management. The financial advisers of the board of Symantec are JPMorgan Chase & Co and Citigroup Inc.
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