Security News > 2021 > August > Consumer Antivirus Firms NortonLifeLock and Avast to Merge in $8.6 Billion Deal
Consumer cybersecurity firms NortonLifeLock and Prague-based Avast announced on Tuesday that the two firms have agreed to merge in a deal valued between roughly $8.1-$8.6 billion.
Under the terms of the agreement, Avast shareholders could receive a combination of cash and newly issued shares in NortonLifeLock, with alternative consideration elections available.
"Based on NortonLifeLock's closing share price of USD 27.20 on July 13, 2021, the merger values Avast's entire issued and to be issued ordinary share capital between approximately USD 8.1B and USD 8.6B, depending on Avast shareholders' elections," the announcement said.
Following the completion of the transaction, NortonLifeLock's CEO, Vincent Pilette, will remain CEO, NortonLifeLock's CFO, Natalie Derse, will remain CFO, and Avast's CEO, Ond?ej Vl?ek, is expected to join NortonLifeLock as President and become a member of the NortonLifeLock Board of Directors.
The combined company will be listed on NASDAQ. The NortonLifeLock brand came as a result of Symantec Corp selling its enterprise security unit and Symantec brand to Broadcom for $10.7 billion in November 2019.
In December 2020, NortonLifeLock announced that it would shell out $360 million in cash to snap up German anti-virus firm Avira.