NortonLifeLock and Avast PLC To Merge In $8.4 Billion Transaction

Antivirus vendor NortonLifeLock this afternoon said it will merge with Britain's Avast PLC in a transaction combining cash and stock in two different options, totaling between $8.1 billion and $8.6 billion in stock. ZDNet reports: That value is roughly equivalent to the value in U.S. dollars of Avast's enterprise value, which takes into account its cash and debt, of 6.5 billion pounds, based on the closing price of Avast stock Tuesday of 5.68 pounds on the London Stock Exchange. The two companies said in the joint press release that their respective boards of directors see an opportunity to "create a new, industry-leading consumer Cyber Safety business, leveraging the established brands, technology and innovation of both groups to deliver substantial benefits to consumers, shareholders, and other stakeholders." The two companies said the deal will bring together product lines that are broadly complementary, while giving the combined company a user base of over half a billion customers. The deal will broaden the geographic market coverage of the combined company. In addition, the two expect to realize "$280 million of annual gross cost synergies." Under terms of the deal, "Avast shareholders will be entitled to receive a combination of cash consideration and newly issued shares in NortonLifeLock with alternative consideration elections available."

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