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NortonLifeLock expects to close Avast deal later this month

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NortonLifeLock expects to close Avast deal later this month

NortonLifeLock Inc. said Feb. 3 that it now expects to close its merger with European rival Avast PLC months earlier than expected.

The consumer-focused cyber security company had previously expected the deal to close in mid-calendar year 2022. Although the merger remains subject to certain regulatory conditions, NortonLifeLock now expects a closing date of Feb. 24.

NortonLifeLock agreed in August 2021 to acquire and combine with Avast in a cash-and-stock deal valued at $8.66 billion.

The updated closing timeline came as NortonLifeLock announced fiscal third-quarter net revenues of $702 million, up 10% year over year. Net income came to $202 million, or 34 cents per share, up from $178 million, or 30 cents per share, in the year-ago period.

For the full fiscal year, the company expects revenue in the range of $2.795 billion to $2.805 billion, translating to approximately 10% growth year over year in constant currency. EPS is expected to be in the range of $1.73 to $1.75.

The S&P Capital IQ consensus EPS estimate for fiscal 2022 is $1.74 on a normalized basis.