NortonLifeLock to buy Avast in deal valued around $8 billion

NortonLifeLock Inc. stated late Tuesday it is going to purchase Czech Republic-based cybersecurity firm Avast PLC in a stock-based deal the corporate values at greater than $8 billion.

Primarily based on its closing value of $27.20 on July 13 earlier than rumors started to swirl, NortonLifeLock
NLOK,
+1.09%

stated the deal is valued at $8.1 billion to $8.6 billion relying on Avast
AVST,
-1.18%

shareholder elections.

NortonLifeLock shares rose greater than 5% in after-hours exercise, following a 1.1% achieve within the common session to shut at $24.15, which might worth the deal between $7.19 billion and $7.64 billion, or $7.37 billion to $7.83 billion ought to the inventory commerce at its after-hours stage.

“This transaction is a big step ahead for client Cyber Security and can in the end allow us to realize our imaginative and prescient to guard and empower folks to dwell their digital lives safely,” stated Vincent Pilette, NortonLifeLock’s chief govt, in a press release. “With this mixture, we will strengthen our Cyber Security platform and make it accessible to greater than 500 million customers.”

Following the shut of the deal, NortonLifeLock could have twin headquarters in Prague and Tempe, Ariz. The ensuing firm can be led by Pilette as chief govt, and Avast CEO Ondřej Vlček is predicted to function president.

NortonLifeLock stated it expects the deal to drive double-digit earnings-per-share development inside a 12 months, and double-digit income development long run. 

Again in July, The Wall Street Journal reported that NortonLifeLock and Avast have been in talks for a deal.

NortonLifeLock is the results of Symantec Corp.’s $10.7 billion sale of its enterprise security business to Broadcom Inc.
AVGO,
-0.50%
,
which closed on Nov. 4, 2019.

https://www.marketwatch.com/story/nortonlifelock-to-buy-avast-in-deal-valued-around-8-billion-11628630760?rss=1&siteid=rss | NortonLifeLock to purchase Avast in deal valued round $8 billion

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