Cybersecurity firm NortonLifeLock has acquired rival Avast in a deal worth between $8.1 billion and $8.6 billion.
“With this combination, we can strengthen our Cyber Safety platform and make it available to more than 500 million users. We will also have the ability to further accelerate innovation to transform Cyber Safety,” said Vincent Pilette, Chief Executive Officer of NortonLifeLock.
Formerly known as Symantec, NortonLifeLock says the acquisition unlocks approximately USD 280 million of annual gross cost synergies.
“At a time when global cyber threats are growing, yet cyber safety penetration remains very low, together with NortonLifeLock, we will be able to accelerate our shared vision of providing holistic cyber protection for consumers around the globe,” said Ondřej Vlček, Chief Executive Officer of Avast.
“Our talented teams will have better opportunities to innovate and develop enhanced solutions and services, with improved capabilities from access to superior data insights. Through our well-established brands, greater geographic diversification and access to a larger global user base, the combined businesses will be poised to access the significant growth opportunity that exists worldwide.”
On completion of the merger, the combined company will be dual headquartered in Prague, Czech Republic, and Tempe, Arizona, USA.