Symantec to Buy LifeLock for $2.3B to Add ID Security

Symantec Corp., one of the world’s largest cybersecurity companies, agreed to buy LifeLock Inc. for about $2.3 billion, including debt, to expand in services for identity protection.

The offer for LifeLock values its shares at $24 apiece, according to a Business Wire statement. The offer is 16 percent above the Nov. 18 closing price. The Tempe, Ariz.-based company was pursued by bidders including private equity firms Permira, TPG and Evergreen Coast Capital, the new buyout arm of hedge fund Elliott Management, according to people familiar with the matter, who asked not to be named because the process is private.

Symantec, the maker of Norton ...