UK’s Competition and Markets Authority (CMA) has expressed its concern about NortonLifeLock and Avast acquisition deal as it cuts down competition and will lead customers with no other choice rather than to obey the rules put forward by the company.
It has to be notified over here that in August 2021, NortonLifeLock expressed its opinion to purchase the Czech-based software company for $8 billion. The CMA immediately suspected something fishy in the cash and stock deal and launched an investigation.
In February this year, the watchdog of the markets concluded that the acquisition deal of NortonLifeLock to purchase Avast will negatively affect the consumers’ market. And so a proposal to object the deal for more clarity is intended.
NortonLifeLock responded that the report from CMA is surprising and assured that it will react to it after seeking legal advice.
The deal was expected to close by late 2022 and as soon as the CMA report emerged, the shares of Avast declined by 11%.
Avast is an ant-virus offering firm and that deals with internet security applications complying with Microsoft Windows, MacOS, Android and iOS. From the year 2015, the company offered web threat scanning solutions, browser protection solutions and more.
NortonLifeLock Inc, formerly known as Symantec Corporation, announced that it is going to acquire Avast business to capture the market of United Kingdom. But in February this year, the Competition and Markets Authority (CMA) of Britain issued an objection to the deal and asked Norton to reconsider its decision.