The deal is seen as an effort by the company to diversify its holdings.
The deal is seen as an effort by the company to diversify its holdings.

Symantec will purchase identity theft protection company LifeLock for $2.3 billion, according to Reuters, in what is likely an effort to diversify its holdings and bolster sales of its Norton cybersecurity software.

LifeLock offers several tiers of identity theft protection services to its 4.4 million subscribers. Members are alerted to fraudulent activity on their online accounts and applications for credit. The Tempe, Ariz.-based firm also provides training in ID protection strategies.

Mountain View, Calif.-based Symantec has been reshaping its holdings. Early in the year, it sold its data storage business Veritas for $7.4 billion. In August, it purchased Blue Coat, a security firm that helps detect and mitigate attacks, in a $4.65 billion deal. 

The LifeLock deal has been given a green light by the boards of directors of both companies and is expected to close in Q1 17, pending regulatory approval.