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UK-based cybersecurity firm Avast in merger talks with NortonLifeLock

FILE PHOTO: The logo of Avast Software company is seen at its headquarters in Prague, Czech Republic, April 12, 2018. REUTERS/David W Cerny

(Reuters) -UK-based cybersecurity firm Avast Plc said on Wednesday it was in advanced talks over a merger with peer NortonLifeLock Inc.

If the deal goes through, it will be a cash-and-share offer, Avast said. The company, however, added there was no certainty a deal will be agreed.

NortonLifeLock confirmed late on Wednesday that it was in discussion with Avast regarding a possible combination, without providing further details.

Avast makes free and premium security software for desktop and mobile devices under the Avast and AVG brands. It has a market capitalization of 5.20 billion pounds ($7.21 billion), according to Refinitiv data.

The deal would help Tempe, Arizona-based NortonLifeLock, which primarily deals with consumer cyber safety, expand its focus to consumer software.

NortonLifeLock was previously known as Symantec Corp, before it sold its enterprise-security business to Broadcom in 2019. It currently sells Norton antivirus software and LifeLock identity-theft-protection products for home and work use.

Shares of NortonLifeLock fell as much as 4% after the Wall Street Journal first reported NortonLifeLock plans to buy Avast. Shares of the company were flat in trading after the bell.

($1 = 0.7217 pounds)

Reporting by Nivedita Balu, Chavi Mehta and Ann Maria Shibu in Bengaluru; Editing by Krishna Chandra Eluri

Source: on 2021-07-14 15:01:27

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