Norton’s £6.2bn acquisition of Avast gets regulatory green light in UK and Germany, but hurdles remain
- Deal still being probed by antitrust authorities in the UK and Spain
- The merger is also awaiting regulatory approval from the US
The corporate tie-up of cybersecurity firms Avast and Norton is a step closer to completion after UK and German regulators gave the deal the green light.
Avast agreed to be bought by American rival Norton in August last year in a £6.2billion deal, which has been the subject of probes by multiple competition regulators across the world.
While the most recent approvals take the deal one step closer to completion, the firms are still waiting for the go ahead from antitrust authorities in the UK and Spain, and regulatory approval from the US.
Merger: Avast and Norton are set to complete their merger this summer
London-listed Avast, which is based in Prague, revealed it was in merger talks in July.
The deal will create a cyber security giant with annual revenues of £2.5billion and more than 500million customers.
Avast said the merger was on track to complete this summer in line with its original timetable after the UK government confirmed that no further action would be taken.
It also said that Germany’s antitrust authority had authorised the merger.
The deal is currently still being probed by the Competition Market Authority, which is concerned it might reduce choice for consumers in the UK.
The CMA launched a merger inquiry in January, inviting comments from interested parties and giving a deadline of 16 March for a preliminary decision.
Avast shares were flat at 621.20p in morning trading.