The US software company NortonLifeLock has announced that it has reached an agreement with Czech multinational antivirus firm Avast to take it over. The US cyber firm plans to pay up to $8.6 billion (CZK 186.3 billion) for the merger. The companies announced the merger talks in July.
On Tuesday, the companies said in a joint statement that Avast shareholders would be offered a combination of cash settlement and newly issued NortonLifeLock shares. The combined company will be based in Prague and Tempe, Arizona, US. It plans to offer services to more than 500 million users.
Avast is a Czech multinational antivirus company that has been in business since 1988 and whose shares are traded on the Prague and London stock exchanges. It is one of the pioneers of computer security. It supplies security programs for computers and mobile devices. Its products are used by over 435 million users worldwide, essentially free of charge. The company claims to employ over 1,700 people and to block 1.5 billion cyberattacks each month. Avast’s founders hold about 35 percent of the company.
NortonLifeLock is based in Tempe, Arizona, USA. The business has a market value of roughly $16 billion and previously operated in the market under the name Symantec. Symantec was founded in 1982 in Arizona. In 1990, it merged with Peter Norton Computing, which produced Norton Utilities and Norton Commander.
“Both of our companies have a vision of a common platform,” said NortonLifeLock CEO Vincent Pilette, who said NortonLifeLock excels at identity theft protection. At the same time, Avast is a leader in user privacy.
Avast CEO Ondřej Vlček sees similar benefits from the merger. “This will create a global leader in end-user-focused cybersecurity that combines the strength of Avast in privacy protection and NortonLifeLock in identity protection,” Vlček said in a press release.