Symantec has announced plans to buy identity protection provider LifeLock in a deal that is expected to give a boost to the company’s cybersecurity business, TheStreet reports. 

The deal is confirmed at $2.3 billion and LifeLock shareholders will get $24 per share or a 16% premium to its closing price on Friday of $20.75. It will be financed by cash and $750 million of new debt and finalized in the first quarter of next year, says TheStreet.

"With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers," said Symantec CEO Greg Clark, adding "this acquisition marks the transformation of the consumer security industry from malware protection to the broader category of Digital Safety for consumers."

This deal is also seen as a victory for activist investor Paul Singer of hedge fund Elliott Management Corp. who had in June pushed LifeLock to boost shareholder value.

Read more details here.