NortonLifeLock Shares Pop On Avast Merger Confirmation

Consumer cyber safety company NortonLifeLock Inc NLOK agreed to acquire digital security and privacy company Avast PLC 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.