The potential deal could be executed as a cash and share offer made by NortonLifeLock to Avast
NortonLifeLock and Avast, a Czech Republic-based provider of digital security and privacy products, have confirmed that the parties are in advanced discussions regarding a potential merger.
Avast’s board confirmed recent speculation in the press that NortonLifeLock had made an offer to acquire 100% of the company’s shares.
However, the financial aspects of the potential deal were not disclosed by the parties.
Formerly known as Symantec, NortonLifeLock is a US cybersecurity software firm, which trades on NASDAQ.
The US firm stated: “A combination of NortonLifeLock and Avast would bring together two companies with aligned visions, highly complementary business profiles and a joint commitment to innovation that helps protect and empower people to live their digital lives safely.
“We would draw on the best of both companies to ensure that the combination would benefit our customers, reward our employees and maximise long term value for all shareholders.”
Avast, which is listed on the London Stock Exchange and Prague Stock Exchange, stated that there can be no assurance that a deal will take place or on the terms on which any possible merger could be agreed by the parties.
The Prague-based firm revealed that the potential merger could be executed as a cash and share offer made by NortonLifeLock.
The company added that NortonLifeLock has 28 days of time up to 11 August 2021 to announce a firm intention to either make a bid for the acquisition or that it doesn’t intend to make an offer.
Avast, which is claimed to have more than 435 million users online, offers products under the Avast and AVG brands. The two brands provide protection to users from threats on the internet as well as the changing Internet of Things (IoT) threat landscape.
On the other hand, NortonLifeLock provides consumer cyber safety products that include Norton AntiVirus, Norton 360, Norton Secure VPN, and Norton Mobile Security.