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Avast Surges as UK’s Surprise Approval Clears Way for Takeover

  • CMA gives its provisional blessing for cybersecurity tie-up
  • UK had started in-depth antitrust probe of the deal in March
Updated on

Avast Plc soared to a record high after the UK waved through its takeover by NortonLifeLock Inc., closing an in-depth probe that had cast doubt on the viability of the deal.

The Competition and Markets Authority removed the final obstacle for the $8.6 billion takeover, saying in a statement Wednesday that it won’t harm competition in the cybersecurity market. It had referred the deal for an in-depth probe in March and set a Sept. 8 deadline for a final decision to be made.