NortonLifeLock and Avast to merge in $8 billion transaction

Cyber-security firm NortonLifeLock announced today that it reached an agreement to merge with Czech antivirus maker Avast in a stock-based deal that could be worth between $8.1 billion to $8.6 billion.

Merger terms and details:

  • Under the terms of the merger, Avast shareholders will be entitled to receive a combination of cash and newly issued shares in NortonLifeLock.
  • The NortonLifeLock shares provided to Avast stockholders will be $27.20/share, which was the closing share price on July 13, 2021, the day before news of the merger talks leaked online, and market speculation began.
  • Pending approval from Avast shareholders, the deal could be worth between $8.1 billion to $8.6 billion.
  • Once approved, Avast stockholders will hold approximately 14% of the combined company's shares.
  • NortonLifeLock Chief Executive Officer Vincent Pilette will remain CEO of the new company.
  •  Avast CEO Ondrej Vlcek will serve as President and become a member of the new company's Board of Directors.
  • On completion of the merger, the combined company will be dual headquartered in Prague, Czech Republic, and Tempe, Arizona, USA.
  • The combined company will be listed on NASDAQ. NortonLifeLock is currently listed on NASDAQ as NLOK, while Avast is listed on the London Stock Exchange as AVST.
  • The new joint company will serve an estimated userbase of 500 million users.
  • Additional merger documents are available on the Avast investor relations portal.

Prior to the Avast merger today, NotonLifeLock also bought German antivirus maker Avira in a $360 million cash transaction in December 2020.

NortonLifeLock formed in November 2019 after Symantec sold its enterprise assets to Broadcom for $10.7 billion, with Symantec's consumer and SMB operations rebranding as NortonLifeLock.

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Catalin Cimpanu

Catalin Cimpanu

is a cybersecurity reporter who previously worked at ZDNet and Bleeping Computer, where he became a well-known name in the industry for his constant scoops on new vulnerabilities, cyberattacks, and law enforcement actions against hackers.