Avast Software to buy rival AVG for $1.3 billion
Avast will offer to purchase all of the outstanding ordinary shares of AVG for $25.00 per share in cash
Avast has more than 230 million users worldwide. PHOTO: AVAST
Avast, a leading security software application developer, on Thursday announced that it has agreed to buy rival antivirus firm AVG for $1.3 billion in an all-cash deal.
Under the signed agreement, Avast will offer to purchase all of the outstanding ordinary shares of AVG for $25.00 per share in cash, representing a 33 per cent premium to AVG stock's closing price on Wednesday.
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In a statement published on Avast’s official website, the company said the transaction will allow it to expand scale, technological depth and geographical breadth, and the new organization will be in a better position to take advantage of emerging growth opportunities in Internet Security.
Further, Avast hopes the acquisition would help it to serve customers with more advanced security offerings in the core business and new innovations in emerging markets, such as security for IoT devices.
Avast, which provides free and paid software for personal computers and mobile devices to businesses and individuals, has more than 230 million users worldwide.
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Combining Avast’s and AVG’s Avast and AVG, who have their roots in Czech Republic, the organization will have a network of more than 400 million endpoints, of which 160 million are mobile.
The transaction has been unanimously approved by the management and supervisory Boards of Avast and AVG.
"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," said Vince Steckler, chief executive officer of Avast Software. "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."
Under the signed agreement, Avast will offer to purchase all of the outstanding ordinary shares of AVG for $25.00 per share in cash, representing a 33 per cent premium to AVG stock's closing price on Wednesday.
This 14-year-old Pakistani hacker made it to Google's hall of fame
In a statement published on Avast’s official website, the company said the transaction will allow it to expand scale, technological depth and geographical breadth, and the new organization will be in a better position to take advantage of emerging growth opportunities in Internet Security.
Further, Avast hopes the acquisition would help it to serve customers with more advanced security offerings in the core business and new innovations in emerging markets, such as security for IoT devices.
Avast, which provides free and paid software for personal computers and mobile devices to businesses and individuals, has more than 230 million users worldwide.
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Combining Avast’s and AVG’s Avast and AVG, who have their roots in Czech Republic, the organization will have a network of more than 400 million endpoints, of which 160 million are mobile.
The transaction has been unanimously approved by the management and supervisory Boards of Avast and AVG.
"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," said Vince Steckler, chief executive officer of Avast Software. "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."