and continue trading on NASDAQ under its current "NLOK" ticker symbol.Įvercore is serving as financial advisor to NortonLifeLock and Kirkland & Ellis LLP and Macfarlanes LLP are serving as its legal advisors. Until that time, the Combined Company will operate as NortonLifeLock Inc. As it starts merging its operations, the Combined Company will soon announce a new name that reflects the forward-thinking vision and scale of its comprehensive Cyber Safety platform and trust-based solutions for consumers around the world. It will also begin trading under a new stock ticker under the new company name on NASDAQ. and discuss its shared financials and metrics during the fiscal year 2023 second quarter earnings release call. The Combined Company will operate as NortonLifeLock Inc. BST on September 12, 2022, and the Avast shares will be delisted from the London Stock Exchange effective as of September 13, 2022, at 8:00 a.m. With the completion of the transaction, trading in Avast shares was suspended at 7:30 a.m. On a provisional basis and prior to the calculation of the amount of GBP consideration due pursuant to the currency conversion facility, the aggregate consideration due pursuant to the Merger comprises 94,201,223 new NortonLifeLock Shares and cash consideration of approximately $5,970,761,620. On a provisional basis, shareholders holding 36.505% of the Avast shares elected the Majority Stock Option comprising 0.1937 new NortonLifeLock shares and $2.37 in cash per Avast share, with the remaining 63.495% due to receive the Majority Cash Option comprising 0.0302 new NortonLifeLock shares and $7.61 in cash per Avast share. "Half a billion users trust us to protect and empower their digital lives, and now that NortonLifeLock and Avast have come together, we plan to redefine and reimagine Cyber Safety for consumers and small businesses around the world." "We believe that everyone deserves the freedom to live their digital lives to the fullest," said Vincent Pilette, CEO of NortonLifeLock and the Combined Company. NortonLifeLock Completes Merger with Avast 12, 2022 /PRNewswire/ - NortonLifeLock (NASDAQ: NLOK), a global leader in Cyber Safety, today announced it has completed its previously announced acquisition of Avast. The deal, which has been confirmed just weeks after NortonLifeLock bought free antivirus provider Avira for £360 million, is expected to close in mid-2022.TEMPE, Ariz. The final name of the merged company has yet to be determined, but NortonLifeLock has confirmed it will be dual headquartered in the Czech Republic and Tempe, Arizona, and will seek to cut its number of employees from 5,000 workers to around 4,000 over the next two years. The combined company will be listed on the Nasdaq, rather than Avast’s current London Stock Exchange home. “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.” “Our talented teams will have better opportunities to innovate and develop enhanced solutions and services, with improved capabilities from access to superior data insights,” Vlcek said. Once NortonLifeLock’s acquisition of the company is complete, Pilette will remain CEO of the new business, while Avast CEO Ondrej Vlcek will become president and join the board, the companies said. However, the company has not been without controversy during its near-25-year history Avast was forced to shut down its marketing technology subsidiary Jumpshot last year after it was found to be peddling web browsing data that could be linked to individual users. “This transaction is a huge step forward for consumer cyber safety and will ultimately enable us to achieve our vision to protect and empower people to live their digital lives safely.”Īvast, founded in 1988, focuses on cybersecurity software for consumers and small and medium-sized businesses and describes itself as one of the largest security companies. “With this combination, we can strengthen our cyber safety platform and make it available to more than 500 million users,” NortonLifeLock CEO Vincent Pilette said in a statement. To guard against data loss and misuse, the cybersecurity conversation must evolve
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