NortonLifeLock - Avast Deal Hits UK Antitrust Roadblock; Shares Dive

March 16, 2022 12:01 PM | 1 min read |

NortonLifeLock Inc's NLOK $8.6 billion purchase of Avast PLC AVTTY 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.