AVG for Avast

Avast is known for its antivirus software with over 230 million worldwide users. The company announces that it will acquire its rival AVG for $1.3 billion in an all-cash deal that includes purchase of all outstanding ordinary shares of AVG for $25 per share. "We are in a rapidly changing industry, and this acquisition gives us the breadth and technological depth to be the security provider of choice for our current and future customers," said Avast CEO Vince Steckler. This transaction will give Avast access to a combined network of more than 400 million client, 160 million of which are mobile devices. By acquiring AVG, the transaction will allow Avast to expand its business across more markets around the world. Avast also hopes that the acquisition will allow it to create better security services for sectors like small and medium businesses and IoT hardware. "As the definition of online security continues to shift from being device-centric, to being concerned with devices, data and people, we believe the combined company, with the strengthened value proposition, will emerge as a leader in this growing market," said AVG CEO Gary Kovacs.