Symantec has entered into a definitive agreement to acquire LifeLock for $2.3 billion in enterprise value. The deal, which was approved by the boards of directors of both companies, is expected to close in Q1/17, subject to customary closing conditions including LifeLock stockholder approval.

Symantec expects to finance the transaction with cash on the balance sheet and $750 million of new debt.

Citi and J.P. Morgan Securities are serving as co-lead financial advisors to Symantec’s board of directors. Bank of America, Barclays, Citi, J.P. Morgan, Merrill Lynch and Wells Fargo are acting as financial advisors and are providing debt financing commitments.

“As we all know, consumer cybercrime has reached crisis levels. LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for consumers,” said Greg Clark, Symantec’s CEO. “This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers.”