$8.6 Billion NortonLifeLock-Avast Deal Scores Provisional UK Approval

Daniel Attoe
Daniel Attoe

Updated · Aug 05, 2022

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Deal to Go On

The anticipated merger between U.S cybersecurity company NortonLifeLock and its UK counterpart Avast is a step closer to completion. Britain’s competition regulator said on Wednesday that it had cleared NortonLifeLock’s $8.6 billion acquisition provisionally. 

Both companies offer various consumer cyber safety tools, including antivirus software, VPN services, and identity protection software.

The acquisition deal has already received a go-ahead from the regulatory bodies of the United States, Spain, and Germany.

Doused Concerns

The American and UK firms reached a purchase agreement in August last year. However, there were immediate concerns that their consumer security software giant would hurt rivals. 

This March, the Consumers and Markets Authority (CMA) said it feared the acquisition could “substantially lessen” competition. A few days later, it launched a deeper investigation after both firms declined to offer proposed remedies to the concerns.

However, the regulator has now “provisionally concluded” that there is no cause for worry. In a statement, the CMA said it is satisfied that the merged company will not become a monopoly with rivals like McAfee and tech giant Microsoft.

“On this basis, the CMA considers that the merging businesses will continue to face sufficient competition after the deal completes and has provisionally concluded that the merger does not raise competition concerns,” it said.

Sources.

CMA

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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