NortonLifeLock In Talks To Acquire Avast In $8B Deal: WSJ
- NortonLifeLock Inc (NASDAQ: NLOK) is in advanced talks to acquire Avast PLC (OTC: AVASF) (OTC: AVTTY) in a cash-and-stock deal valued at over $8 billion, the Wall Street Journal reports.
- NortonLifeLock has until Aug. 11 to make a firm offer according to the U.K. takeover code.
- Avast makes both free and premium security software for desktop security and server and mobile-device protection.
- Avast founders Pavel Baudiš and Eduard Kučera control 35% of its shares and are its board members.
- Avast got listed in 2018 via London's initial public offering. In 2014, private equity firm CVC Capital Partners acquired a significant minority stake and held roughly 23% of the company during the IPO.
- In 2019, NortonLifeLock sold its enterprise-security business to Broadcom Inc (NASDAQ: AVGO) for $10.7 billion. Now it mainly sells Norton antivirus software and LifeLock identity-theft-protection products.
- Activist investor Starboard Value LP owns a 3% stake in NortonLifeLock.
- Price action: NLOK shares are lower by 1.52% at $26.50 premarket on the last check Thursday.
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