Negotiations on the merger were announced by the company in July. On Tuesday, the companies said in a joint statement that Avast shareholders will be offered a combination of cash settlement and newly issued NortonLifeLock shares.
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The combined company will be headquartered in Prague and in Tempe, Arizona. It is going to offer the services to more than 500 million users.
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“Both of our companies have a vision of a common platform,” said NortonLifeLock CEO Vincent Pilette, who said NortonLifeLock excels in identity theft protection, while Avast is a leader in user privacy.
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The CEO of Avast, Ondřej Vlček, perceives the benefits of the merger in a similar way. “A world leader in end-user cyber security will emerge, combining the strength of Avast in privacy and NortonLifeLock in identity protection,” Vlcek said in a press release.
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Avast is a Czech multinational antivirus company that has been operating on the market since 1988 and whose shares are traded on the Prague and London stock exchanges. He is one of the pioneers in the field of computer security. Provides security programs for computers and mobile devices. Its products are used by over 435 million users worldwide, largely free of charge. The company says it employs more than 1,700 people and blocks 1.5 billion computer attacks every month. The founders of Avast hold a roughly 35 percent stake in the company.
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NortonLifeLock is headquartered in Tempe, Arizona. The company has a market value of about $ 16 billion and previously operated under the name Symantec. Symantec was founded in 1982 in Arizona. In 1990, he merged with Peter Norton Computing, which produced Norton Utilitise and Norton Commander.
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However, in 2019, the company’s Symantec security software maker, focused on businesses and authorities, was sold to Broadcom, a US chip maker. Its most prominent business items are now Norton antivirus and LifeLock identity theft protection products.
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