NEW YORK (TheStreet) -- Shares of Symantec  (SYMC) were higher in late afternoon trading on Monday, as it announced earlier today that it will acquire U.S. identity theft protection services company LifeLock (LOCK) for $2.3 billion. 

LifeLock combined with Symantec's Norton antivirus software will allow the company to "deliver comprehensive cyber defense for consumers," Symantec Chief Executive Officer Greg Clark said in the announcement. "This acquisition marks the transformation of the consumer security industry from malware protection to the broader category of digital safety for consumers."

Clark joined CNBC's "Power Lunch" on Monday afternoon to talk more about the deal.

The combination of the two companies is "outstanding," he said. "We feel really good about the identity protection market and the association of that market to our Symantec subscribers."

Consumer cybercrime is at "crisis" levels, Clark said. The combination of its Norton malware protection platforms with LifeLock provides a "great synergy" for customers. 

Some analysts have noted that LifeLock is a lower margin business. But Symantec is projecting a combined margin of 40%, which is "excellent," Clark noted.

The combined company is expected to grow in the low single digits in the near-term, with the opportunity to increase that over time, he added. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Symantec as a Hold with a ratings score of C. The primary factors that have impacted the team's rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

You can view the full analysis from the report here: SYMC

SYMC Chart SYMC data by YCharts

More from Markets

Component Stocks Rise After Trump Reverses Decision on ZTE

Component Stocks Rise After Trump Reverses Decision on ZTE

Crude Slides as Russia Eases Cuts and U.S. Oil Producers Boost Rig Count

Crude Slides as Russia Eases Cuts and U.S. Oil Producers Boost Rig Count

Stocks Trade Mixed, Energy Shares Fall on Sharp Drop in Oil Prices

Stocks Trade Mixed, Energy Shares Fall on Sharp Drop in Oil Prices

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer: Intuit Had a Fantastic Quarter