NortonLifeLock’s $8.6 billion purchase of rival Avast won provisional clearance from Britain on Wednesday, overcoming the final hurdle to creating a consumer security software giant and sending Avast shares to an all-time high.
Shares in Avast rose as much as 43% to 683.2 pence and U.S-listed NortonLifeLock’s shares were up 3% before the bell, after the firms were forced to delay the deal’s closing date pending regulatory approvals. The UK’s Competition and Markets Authority (CMA) launched a deeper investigation into the deal earlier this year, noting it could harm competition and lead to British customers getting a worse deal when looking for security software.
The deal, which would combine NortonLifeLock’s strength in identity theft protection and Avast’s privacy credentials, has already received the green light in the United States, Spain and Germany. Following a more detailed Phase 2 investigation, the CMA said it had concluded that the deal does not raise competition concerns in the UK.
It noted that the merged company will face significant competition from McAfee and other smaller players while software titan Microsoft Corp will be strengthened as a competitor. Microsoft has ramped up its free built-in security feature, which the CMA noted offers protection which is as good as many of the products offered by specialist firms.
The watchdog said it was open to responses from interested parties to its provisional findings till August 24, before issuing its final report due by September 8. Based on this timeline, NortonLifeLock said on Wednesday it expects to close the deal by early next month.
Avast said it had no comment at present. “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,” CMA’s inquiry group chair Kirstin Baker said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Texas residents using the Lone Star Card will get their SNAP food benefits between August…
People may see higher costs in 2026, as average Part D risesupt 33%. This may…
New York has launched phase two of its STAR program, offering $350 to $1,500 in…
A veteran rated 90% disabled with a spouse, one child, and a dependent parent will…
Los Angeles approved a plan to gradually raise minimum wages for hotel and LAX workers…
Veterans with a 100% disability rating, a spouse, and one child will receive $4,201.35 per…