By Robert McMillan

Computer-security-software maker Symantec Corp. has agreed to acquire LifeLock Inc., a seller of identity-theft protection services, for $2.3 billion in cash, the companies said Sunday.

The deal will value LifeLock at $24 a share, a 16% premium to its Friday price of $20.75, near its 52-week high.

The deal broadens Symantec's portfolio at a time when the 34-year-old company is looking to break out beyond its traditional strength in antivirus software.

Symantec hopes to integrate LifeLock with its Norton antivirus businesses into a single product line after the acquisition closes, expected early next year.

LifeLock's has more than 4.4 million subscribers, a user base that the company has built through aggressive marketing. Last year, the company agreed to pay $113 million to settle deceptive advertising charges brought by the Federal Trade Commission. LifeLock neither confirmed nor denied the FTC allegations.

Symantec has struggled to grow, even as computer security emerged as a top concern for executives. Former Chief Executive Michael Brown stepped down in April following disappointing financial results. Two months later, the company said it would acquire Blue Coat Systems Inc. in a $4.65 billion deal, the company's largest acquisition since its 2005 purchase of Veritas Software.

In January, Symantec sold its Veritas data-storage unit to Carlyle Group for $7.4 billion.

Dana Cimilluca contributed to this article.

Write to Robert McMillan at Robert.Mcmillan@wsj.com

(END) Dow Jones Newswires

November 21, 2016 02:47 ET (07:47 GMT)

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