Earlier this week, cybersecurity giant NortonLifeLock announced that it is acquiring one of its biggest rivals – Avast, in a deal worth over $8 billion.
Norton is set to acquire all of Avast’s shares. The latter’s shareholders can get cash consideration and newly issued shares in NortonLifeLock. They will also have alternative consideration elections available.
The deal is worth between $8.1 and $8.6 billion.
“Our talented teams will have better opportunities to innovate and develop enhanced solutions and services, with improved capabilities from access to superior data insights. Through our well-established brands, greater geographic diversification and access to a larger global user base, the combined businesses will be poised to access the significant growth opportunity that exists worldwide,” announced Ondřej Vlček – the Chief Executive Officer of Avast.
The move has several huge benefits.
First, the platform will be available to more than 500 million users worldwide.
Secondly, it will begin to expand into the SOHO / VSB segments.
It will also bring huge financial profits.
Vincent Pilette, NortonLifeLock’s CEO, will retain his role.
Natalie Derse is also keeping her position as CFO.
Ondřej Vlček will become President of NortonLifeLock and become a member of the Board of Directors.
The co-founder and current director of Avast, Pavel Baudiš will also join as an independent director.
NortonLifeLock, formerly known as Symantec Corporation, has been around since 1982. Its HQ is in Tempe, Arizona, United States. It has a wide variety of features, covering everything from dark web monitoring to parental control and ID theft protection.
This is not the first merge of cybersecurity giants. Earlier this year, Avira and BullGuard also joined the NortonLifeLock family.