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NortonLifeLock Shares Pop On Avast Merger Confirmation

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  • Consumer cyber safety company NortonLifeLock Inc (NASDAQ: NLOK) agreed to acquire digital security and privacy company Avast PLC (OTC: AVASF) at a valuation between $8.1 billion - $8.6 billion.

  • NortonLifeLock's closing share price of $27.20 on July 13 was the last trading day for NortonLifeLock shares before the merger speculation began on July 14

  • The combination will help to strengthen the Cyber Safety platform and make it available to over 500 million users, NortonLifeLock CEO Vincent Pilette said.

  • The Wall Street Journal reported that the companies expect the merger to drive double-digit per-share earnings growth in the first full year following the transaction's completion and generate around $3.5 billion in revenue.

  • The deal is likely to close in the middle of next year.

  • NortonLifeLock held $1.2 billion in cash and equivalents as of July 2.

  • Price Action: NLOK shares traded higher by 8.73% at $26.25 on the last check Wednesday.

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