NortonLifeLock Inc. is set to buy Avast Plc in a deal valued at as much as $8.6 billion, giving the U.S. cybersecurity company access to one of the biggest customer bases in the industry.
Avast stockholders will receive cash and shares that value the deal at $8.1 billion to $8.6 billion, the companies said Tuesday in a statement. Once the merger is completed, NortonLifeLock Chief Executive Officer Vincent Pilette will remain CEO and the company will have dual headquarters in Tempe, Arizona, and Prague. Avast CEO Ondrej Vlcek will become president and join the board, the companies said.
About 1,000 jobs, or as much as 25%, at the combined firm are at risk due to overlaps in responsibility, Pilette said on a call with reporters Wednesday.
“Combined, we have roughly a little bit less than 5,000 employees and we’ll run the company moving forward at about 4,000,” he said, adding that cuts would affect both companies and be implemented across all geographies.
