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Wednesday, May 31, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cyber Security

NortonLifeLock closes merger with Avast

The threat detection suite the combined company intends to build would be among the most advanced in the world.

Photo by Nahel Abdul Hadi via Unsplash

NortonLifeLock (NASDAQ:NLOK) closed the long anticipated acquisition of cybersecurity company, Avast.

The deal was originally brokered back in August 10, 2021, as the boards of NortonLifeLock and Avast came to a conclusion about the terms of the merger between the two companies. The combined company will continue to operate as NortonLifeLock.

“We believe that everyone deserves the freedom to live their digital lives to the fullest. Half a billion users trust us to protect and empower their digital lives, and now that NortonLifeLock and Avast have come together, we plan to redefine and reimagine Cyber Safety for consumers and small businesses around the world,” said Vincent Pilette, CEO of NortonLifeLock.

Both NortonLifeLock and Avast are globally recognized leaders in consumer digital security and privacy products. Avast offers products under both Avast and AVG brands, designed to protect people from threats on the internet and the emerging threats evolving alongside the internet-of-things landscape.

The threat detection suite the combined company intends to build would be among the most advanced in the world, amalgamating machine learning and artificial intelligence technologies to be able to stall the development of threats in real time. Products will be available for mobile, PC or Mac, and are top ranked and certified by VB100, AV-Comparatives, AV-Test, SE Labs and others. Also making the transition will be Avast (and now NortonLifeLocks’) memberships in the Coalition Against Stalkerware, No More Ransom (against cryptojacking and other such internet extortionate practices) and Internet Watch Foundation.

Read more: NortonLifeLock wants to educate you on cybersecurity

Read more: NortonLifeLock and National PTA protect children with online regulation tool

Read more: Palo Alto Networks takes home top honors at 2022 SC Awards

The U.K. Competition and Markets Authority (CMA) gave the nod for the acquisition last month.

“We are excited to start the process of bringing our two companies together now that the CMA has approved our merger with Avast. With this key milestone behind us, we are looking forward to driving innovation and taking Cyber Safety to the next level,” said Pilette.

Shareholders holding 36.505 per cent of Avast shares elected the majority stock option comprising 0.1937 new NortonLifeLock shares and $2.37 in cash per Avast share, with the remaining 63.495 per cent due to receive the same majority cash option at 0.0302 new NortonLifeLock shares and $7.61 in cash per share.

The merger means 94,201,222 new NortonLifeLock shares and a cash consideration of $5,970,761,620.

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