Deals
Avast to Buy AVG for $1.3 Billion to Add Security Software
- Company seeks to tap into growing Internet of Things market
- Deal pays 33% premium to AVG’s closing price in New York
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Avast Software agreed to buy AVG Technologies NV for $1.3 billion in cash to add software to protect mobile phones from malware as it aims to tap into the growing number of physical devices connected to the internet.
Avast, which is backed by private-equity firm CVC Capital Partners, will begin a tender offer for Amsterdam-based AVG at $25 a share in cash, the companies said in a statement Thursday. That’s 33 percent above AVG’s closing price Wednesday on the New York Stock Exchange.