Avast shares fall as U.K. regulator says NortonLifeLock deal raises concerns
Shares in Avast PLC fell on Wednesday after the U.K. competition watchdog said that NortonLifeLock Inc.'s proposed acquisition of Avast raises competition concerns, and that it intends to refer the case for an in-depth investigation.The Competition and Markets Authority warned that the merger could lead to reduced competition in the U.K. market, as both companies sell cyber-safety software and are close competitors with few other significant rivals.
Both the cybersecurity provider Avast and NortonLifeLock now expect the scheme to become effective in mid-to-late 2022, NortonLifeLock said. NortonLifeLock and Avast now have five working days to submit proposals to address the regulator's competition concerns. The CMA then has a further five days to consider whether to accept the offer instead of referring the case for an in-depth phase 2 investigation.
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