Antivirus giant Avast Software has announced an agreement to buy AVG Technologies in an all-cash deal totaling around $1.3 billion that includes purchase of all outstanding ordinary shares of AVG for $25 per share. This transaction will give Avast access to a combined network of more than 400 million client endpoints, 160 million of which are mobile devices.
“As the definition of online security continues to shift from being device-centric, to being concerned with devices, data and people, we believe the combined company, with the strengthened value proposition, will emerge as a leader in this growing market," said AVG CEO Gary Kovacs.
Avast expects the deal between the two firms, with roots in Czech Republic, will strengthen its ability to create better personal security and privacy products and provide advanced security for IoT devices.
"We are in a rapidly changing industry, and this acquisition gives us the breadth and technological depth to be the security provider of choice for our current and future customers," said Avast CEO Vince Steckler.
The deal is expected to close between September 15 and October 15.
Read details of the deal at Avast.