With the acquisition effective on Sept. 12, trading in Avast shares on the London Stock Exchange were suspended, and its shares were delisted. Avast is based in Prague, Czechoslovakia, where the newly combined entity will maintain a second headquarters.
The new company name"reflects the forward-thinking vision and scale of its comprehensive Cyber Safety platform and trust-based solutions for consumers around the world," NortonLifeLock said in a regulatory filing Monday. No date was set for the announcement of the new name. The merged company will serve more than 500 million users around the globe by combining NortonLifeLock’s focus on identity protection and Avast’s expertise in privacy and antivirus.
“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, ” Vincent Pilette, CEO of NortonLifeLock and the combined company, said in a statement.
On a provisional basis, stockholders holding 36.5% of Avast shares elected the majority stock option comprising 0.1937 new NortonLifeLock shares and $2.37 in cash per Avast share, with the remaining 63.5% due to receive the majority cash option comprising 0.0302 new NortonLifeLock shares and $7.61 in cash per Avast share. The aggregate consideration due, pursuant to the merger, comprises 94,201,223 new NortonLifeLock shares and cash consideration of approximately $5,970,761,620.
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