NortonLifeLock plans to acquire consumer anti-malware vendor Avast in a combination cash and stock merger deal worth more than $8 billion, the companies announced today.
The newly combined company - yet to be named - is estimated to generate some $3.5 billion in revenue, with more than 500 million users worldwide. It will maintain dual headquarters in Prague, Czech Republic, and Tempe, Arizona.
"This transaction is a huge step forward for consumer Cyber Safety and will ultimately enable us to achieve our vision to protect and empower people to live their digital lives safely," said Vincent Pilette, CEO of NortonLifeLock, who will serve as CEO of the new company. "With this combination, we can strengthen our Cyber Safety platform and make it available to more than 500 million users. We will also have the ability to further accelerate innovation to transform Cyber Safety."
Avast CEO Ondřej Vlček will serve as president of the new company and as a member of NortonLifeLock's board of directors; Pavel Baudiš, a co-founder and director of Avast, is pegged to become an independent director on the NortonLifeLock board.
The transaction is subject to approval by the shareholders of both companies and is scheduled to close in mid-2022. According to the companies, depending on Avast's shareholder elections, its share capital is valued between $8.1 billion and $8.6 billion.
Read more here.