US based cyber security giant Norton LifeLock is to buy Czech rival Avast for over $8 billion to create a leading consumer business, the pair announced Wednesday after the pandemic fuelled online activity.
The deal, equivalent to more than 6.7 billion euros, “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”, Norton chief executive Vincent Pilette said in a joint statement.
Ondrej Vlcek, chief executive of London-listed Avast, said that amid increasing global cyber threats, the tie-up would allow for “enhanced solutions and services, with improved capabilities”.
More than 500 million users will benefit from the new group’s safety offerings, the statement added.
Pilette was set to become chief executive of the expanded group, while Vlcek is to join Norton LifeLock as president and become a member of the Norton LifeLock board.
The combined company, to be listed on the Nasdaq, will be dual headquartered in Prague and Tempe, Arizona.