Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Endpoint Security

UK Clears Norton’s $8B Avast Cyber Security Takeover

UK regulators on Wednesday gave the provisional nod to US cyber security giant NortonLifeLock’s $8-billion purchase of Czech rival Avast, whose London shares surged more than 40 percent in reaction.

UK regulators on Wednesday gave the provisional nod to US cyber security giant NortonLifeLock’s $8-billion purchase of Czech rival Avast, whose London shares surged more than 40 percent in reaction.

The Competition and Markets Authority (CMA) watchdog had opened an in-depth probe after warning in March that the deal risked harming competition.

However, the CMA concluded in initial findings published on Wednesday that this was not the case.

“Millions of people across the UK rely on cyber safety services to keep them safe online,” said Kirstin Baker, chair of the CMA inquiry group, in a statement.

“After gathering further information from the companies involved and other industry players, we are currently satisfied that this deal won’t worsen the options available to consumers.”

She added that the CMA has therefore “provisionally concluded that the deal can go ahead”.

In reaction, Avast’s London stock surged 42.41 percent to 680.60 pence on the British capital’s falling market.

That gave Avast a stock market capitalisation of about $8.5 billion.

The regulator found both businesses “face significant competition”, particularly from main rival McAfee but also from smaller suppliers.

In addition, Microsoft’s built-in security applications on its Windows operating system provided “increasingly important alternatives” for consumers.

NortonLifeLock said it “welcomed” the news, adding in a separate statement that it hoped to complete the deal by September 12, pending final CMA approval.

The pair had announced the blockbuster takeover last year to create a leading consumer business as internet activity boomed during the pandemic.

Related: Consumer Antivirus Firms NortonLifeLock and Avast to Merge in $8.6B Deal

Written By

AFP 2023

Click to comment

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join this webinar to learn best practices that organizations can use to improve both their resilience to new threats and their response times to incidents.

Register

Join this live webinar as we explore the potential security threats that can arise when third parties are granted access to a sensitive data or systems.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

CISO Strategy

SecurityWeek spoke with more than 300 cybersecurity experts to see what is bubbling beneath the surface, and examine how those evolving threats will present...

CISO Strategy

Varied viewpoints as related security concepts take on similar traits create substantial confusion among security teams trying to evaluate and purchase security technologies.

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.