August 17, 2021 | Technology | Europe | Ended

Avast / NortonLifeLock: New Deal Insights

US cybersecurity firm NortonLifeLock has confirmed it is acquiring rival Avast to create a leading consumer business in a deal valued more than $8bn. The agreement comes just weeks after the companies confirmed that were in “advanced discussions” regarding a possible tie-up, first reported in July by The Wall Street Journal. The cash and share deal will see Avast shareholders receive either: (i) a majority cash option consisting of $7.61 in cash plus 0.0302 Norton shares or (ii) a majority stock option consisting of $2.37 in cash plus 0.1937 Norton shares. Avast shareholders who fail to elect will receive majority cash option. The majority cash option yields 608.4 pence per share, with 90% in cash, implying a one-day premium of 20.7% to the undisturbed price on 14-Jul-21 when the companies confirmed they were in talks. The alternative majority stock option yields 551.1 pence per share, with 31% in cash and 69% in shares. The deal, accordingly, values Avast at $8.1-$8.6bn and based on the two options, Avast shareholders will own between 14% and 26% of the combined company. Norton intends to finance through ...

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