AMSTERDAM (dpa-AFX) - The U.K. Competition and Markets Authority said Friday that it has cleared proposed acquisition of Avast by Computer security giant NortonLifeLock Inc. (NLOK) following an in-depth merger investigation.
NortonLifeLock and Avast both offer cyber safety software to consumers under a variety of different brands.
In its initial Phase 1 investigation, the Competition and Markets Authority (CMA) concluded that the deal raised a realistic prospect of a substantial lessening of competition, and referred the merger for an in-depth Phase 2 investigation to consider those concerns in more detail in March 2022.
After a phase 2 investigation, the CMA provisionally concluded, in August 2022, that the deal does not substantially reduce competition in the UK and may not be expected to do so in the future. Following a consultation that ended on 24 August 2022, the CMA has upheld its provisional findings and cleared the deal.
In August 2021, NortonLifeLock agreed to buy rival Avast Software B.V. in about $8 billion deal. Under the terms of the deal, Avast shareholders would receive a combination of cash and newly issued shares in NortonLifeLock.
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