Benzinga | Jul 15, 2021 07:20AM EDT

NortonLifeLock In Talks To Acquire Avast In $8B Deal: WSJ

* NortonLifeLock Inc (NASDAQ:NLOK) is in advanced talks to acquire Avast PLC (OTC:AVASF) (OTC:AVTTY) in a cash-and-stock deal valued at over $8 billion, the Wall Street Journal reports.

* NortonLifeLock has until Aug. 11 to make a firm offer according to the U.K. takeover code.

* Avast makes both free and premium security software for desktop security and server and mobile-device protection.

* Avast founders Pavel Baudi? and Eduard Kuera control 35% of its shares and are its board members.

* Avast got listed in 2018 via London's initial public offering. In 2014, private equity firm CVC Capital Partners acquired a significant minority stake and held roughly 23% of the company during the IPO.

* In 2019, NortonLifeLock sold its enterprise-security business to Broadcom Inc (NASDAQ:AVGO) for $10.7 billion. Now it mainly sells Norton antivirus software and LifeLock identity-theft-protection products.

* Activist investor Starboard Value LP owns a 3% stake in NortonLifeLock.

* Price action: NLOK shares are lower by 1.52% at $26.50 premarket on the last check Thursday.