As part of a merger valued at over $8 billion, antivirus and security software firms NortonLifeLock and Avast will merge.
In a press statement on Tuesday, NortonLifeLock CEO Vincent Pilette stated, “This transaction marks a major step forward for consumer cyber safety and will eventually enable us to realize our mission to safeguard and empower people to live their digital lives safely.”
NortonLifeLock and Avast merge
Due to the acquisition, Norton will control all of Avast’s shares, which are worth between $8.1 billion and $8.6 billion, depending on Norton’s share price of $27.20 as of July 13th, 2015. More than 500 million consumers will be served by the merged firm, according to the press statement.
In addition to its antivirus and security solutions, Avast offers a virtual private network (VPN), a PC cleaning application, and anti-tracking software for both Mac and Windows users. In addition to a VPN, NortonLifeLock also offers cloud storage and identity theft protection.
An Avast internal network breach in 2019 and criticism over the company’s data-collecting practices have brought Avast into the spotlight. Avast was accused of gathering user data and selling it through its marketing analytics platform, Jumpshot, last year, according to media reports. In the end, Avast shut down Jumpshot, and the company has stated that it takes its customers’ privacy very important.
When the deal is expected to conclude has not been specified by either company. Both companies will be listed on Nasdaq after they merge.