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Benzinga
Benzinga
Politics
Anusuya Lahiri

NortonLifeLock - Avast Deal Hits UK Antitrust Roadblock; Shares Dive

NortonLifeLock Avast Britain CMA NLOK Competition and Markets Authority
  • NortonLifeLock Inc's (NASDAQ:NLOK) $8.6 billion purchase of Avast PLC (OTC:AVTTY) (OTC:AVASF) hit a roadblock after Britain's antitrust regulator looked to launch a deeper investigation into the deal.
  • NortonLifeLock in August proposed to acquire rival Avast in a cash-and-stock cyber deal to create a leader in consumer security software.
  • Britain's Competition and Markets Authority (CMA) said the deal could harm competition and lead to British customers getting a worse deal when looking for security software, Reuters reports.
  • NortonLifeLock did not look to propose any 'Phase 1' remedies, calling the CMA's decision "surprising."
  • NortonLifeLock admitted that the investigation would delay the deal's completion, which would likely close in mid-to-late 2022.
  • Price Action: NLOK shares traded lower by 11.5% $26.65 on the last check Wednesday.
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