NortonLifeLock Inc. (NASDAQ: NLOK) has shared update regarding the status of the final remaining regulatory authorizations for NortonLifeLock's proposed merger with Avast Plc. The company disclosed that if it does not submit Phase 1 remedies, the CMA expects to send the Merger to a Phase 2 inquiry based on probable market impact in the United Kingdom. The company is taken aback by the decision.
NortonLifeLock firmly believes that the deal will be authorized, and it has no plans to present any Phase 1 remedies. The company will continue to work with the CMA on its review in a productive manner. NOLK believe that increased innovation and greater consumer freedom and choice beyond giant IT platform providers in the emerging Cyber Safety sector would only benefit consumers around the world, particularly in the United Kingdom.
Furthermore, the merger has been evaluated and cleared by regulators from throughout the world, including the US Department of Justice, the German Federal Cartel Office, and the Spanish National Markets and Competition Commission. The company is anticipating closing the deal in mid-to-late 2022, after the initiation of a Phase 2 review.
Previously, NortonLifeLock revealed that it is planning to purchase British rival Avast in order to establish a global consumer security powerhouse. The agreement, which comes just weeks after both companies disclosed they were preparing a possible merger of the two brands. As per the recommended deal, Avast stockholders get cash and shares that value the deal at $8.1 billion to $8.6 billion.