NortonLifeLock and Avast, two companies known for their antivirus and security software, are merging in a deal valued at over $8 billion.
"This transaction is a huge step forward for consumer cyber safety and will ultimately enable us to achieve our vision to protect and empower people to live their digital lives safely," said Vincent Pilette, CEO of NortonLifeLock, in a release on Tuesday.
As part of the merger, Norton will own all of Avast's share capital, which has a value between $8.1 billion and $8.6 billion, based on Norton's July 13 share price of $27.20. The combined company will have more than 500 million users, according to the release.
Avast offers a number of antivirus and security products, including a VPN, a PC clean-up program and anti-tracking software, for Mac and Windows users. NortonLifeLock offers similar services and products, including a VPN, cloud storage and identity theft protection.
Avast has faced scrutiny for a 2019 breach of its internal network and controversy over its data collection practices. Last year, reports said Avast was collecting user data and selling that data through its marketing analytics platform, Jumpshot. Avast eventually shut down Jumpshot and has said it takes customers' privacy seriously.
The companies didn't specify when they expect the deal to close. The combined company will be listed on the Nasdaq.