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Investing.com – NortonLifeLock (NASDAQ:NLOK) stock fell 4% and Avast (OTC:AVASF) rose 18% as the two discuss a possible merger.
“There can be no certainty as to whether any transaction will take place or the terms on which any possible merger may be agreed. A further announcement will be made if and when appropriate,” Avast said in a note.
The Wall Street Journal was the first to report about the deal talks.
Avast, citing the U.K. takeover code, said NortonLifeLock has until August 11 to make a firm offer.
NortonLifeLock has a market cap of $15.61 billion and Avast $8.33 billion.
Prague-headquartered Avast boasts of 435 million users and as many as 49% of its employees working on R&D. Its adjusted revenue in 2020 was $892.9 million.
Avast makes both free and premium software, and the former offering is quite popular with users.
Companies making anti-virus software and cybersecurity solutions are in favor as companies and individuals shift to a blended work-life schedule that incorporates both office and home environments.
With more hacker groups getting active and billions of dollars at stake, governments and corporations are willing to spend more on cybersecurity solutions.
