September 20, 2021

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Avast Joins NortonLifeLock After Offering Over $8 Billion – IT Pro – News

NortonLifeLock and Avast are combined. Based on Avast’s share price of $27.20 as of July 13, the transaction is worth between $8.1 billion and $8.6 billion.

In a joint press release write companies That Avast shareholders will receive a combination of cash and newly issued shares in NortonLifeLock. The value of the deal is estimated between 8.1 and 8.6 billion dollars. The exact amount is still subject to a vote among Avast shareholders.

According to the two companies’ boards of directors, the merger is based on “irresistible strategic and financial considerations” and creates opportunities “to create new, ground-breaking consumer-centric cybersecurity businesses.” After the merger, it says the security platform will be available to more than 500 million users. The two companies say they complement each other well, with Avast’s strength in “privacy” and NortonLifeLock’s strength in “identity”.

NortonLifeLock’s current CEO and CFO will retain their positions. Avast CEO expected to join NortonLifeLock as President and becomes a member of the Board of Directors. The current Avast president and co-founder is expected to join NortonLifeLock as an independent director.

When the merger is complete, the combined company will have two headquarters: one in Tempe, Arizona, USA and the other in Prague. The companies write that there will be a large presence in the Czech Republic. The combined company will be listed on the NASDAQ Stock Exchange.

Avast is a security company from the Czech Republic and He took over the Czech company AVG five years ago. These two companies have existed since 1988 and 1997 respectively. NortonLifeLock was previously the consumer arm of Symantec. This part was left after Broadcom two years ago took over the commercial part. After this acquisition by Broadcom, the consumer division is no longer allowed to use the Symantec name, and then NortonLifeLock name approved.

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