AVG buys anti-virus rival Avast for $1.3B

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PRAGUE: Czech anti-virus software maker Avast Software will take over its Dutch rival AVG Technologies for 31.7 billion Czech koruna (1.17 billion euros, $1.3 billion), the two companies said Thursday.

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“Combining Avast’s and AVG’s users, the organization will have a network of more than 400 million endpoints, of which 160 million are mobile,” Avast and AVG said in a joint statement.

“The transaction is structured as an all-cash tender offer for all outstanding ordinary shares of AVG at a price of $25.00 per share in cash,” they added.

Approved by both companies’ boards, the transaction is due to close in September or October.

The Prague-based Avast and AVG, which is based in Amsterdam and listed in New York, were both founded in the Czech Republic at the turn of the 1980s and 1990s.

The companies’ development centers are based in the Czech cities of Prague and Brno, while their key market is the United States.

AFP

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