The antivirus giant Avast has agreed on a deal to acquire its direct competitor AVG antivirus App for 1.3 billion. The deal was possible through cash on hand and debt financing. Avast is expected to pay all AVG shareholder $25 per share which will also be in cash.
According to Avast press release, the acquisition is to further increase their geographical reach, technological depth and to also take advantage of the emerging growth opportunity in internet security. With the two company combined, Avast user base will rise to 400 million, that is huge right? out of that number 160 million are mobile users. Avast CEO Vince Steckler has the following words to say:
“We are in a rapidly changing industry, and this acquisition gives us the breadth and technological depth to be the security provider of choice for our current and future customers,”
“Combining the strengths of two great tech companies, both founded in the Czech Republic and with a common culture and mission, will put us in a great position to take advantage of the new opportunities ahead, such as security for the enormous growth in IoT.”
All things being equal, documentation, arrangement of the acquisition is expected to end Mid September and October this year.
Source: Avast
Source: Avast
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