LifeLock shares jump on $2.3-billion deal with Symantec

Shares of LifeLock Inc. jumped in early trading after the identity and fraud protection services company agreed to be acquired for $2.3 billion by security software maker Symantec Corp., but Symantec shares declined a bit.

Symantec said over the weekend that the deal will enable it to bolster its cyber defense technology.

Symantec, based in Mountain View, Calif., is to pay $24 for each share of LifeLock. That’s a 15.7% premium over its Friday closing price of $20.75.

The deal is targeted to close in the first quarter of 2017 but still requires the approval of LifeLock shareholders.

Shares of LifeLock, based in Tempe, Ariz., were up 15.5% to $23.96 shortly after markets opened Monday. Symantec shares were down 1.5% at $23.40.

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