Cybersecurity firm Symantec recently announced that it has struck an acquisition deal worth $2.3 billion with LifeLock. This includes debt in order to expand its operation in the identity protection security platform.

Reports reveal that the deal values LifeLock $24 per share, which is 16 percent above Friday's closing price. LifeLock, which is based in Tempe, Arizona, has been pursued by a number of bidders including major private equity firms like Permira, TPG, and Evergreen Coast Capital.

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Symantec, which is widely known as the developer of the Norton antivirus software, has been restructuring its business lately. The firm is leaning heavily towards the cyber-security business.

This new business strategy was highlighted when the company acquired Blue Coat for $4.65 billion. Earlier this year, Symantec sold its data storage unit Veritas to Carlyle Group for $7.4 billion. According to Reuters, Symantec's acquisition of LifeLock is part of the company's efforts to diversify its services.

In a statement acquired by Bloogmberg, Symantec chief executive officer Greg Clark said, "With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers. This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers."

Earlier this month, reports revealed that LifeLock has been working with Goldman Sachs for several months in trying to come up with a potential sale deal. LifeLock provides a wide range of security tools like credit monitoring to provide protection against identity theft. The company's services is available for individual consumers and small businesses.

TagsSymantec, lifelock, symantec acquisition, online security, hackers, digital security