Avast Software announces agreement to snap up AVG for $1,3 billion

Avast Software, the security software giant has announced its intention to buy rival security firm AVG for $1,3 billion in cash.

With the backing of CVC Capital Partners a private equity firm, Avast will pay $25 per share for the transaction. Both Avast and AVG emerged from the Czech Republic and have grown to become some of the most recognisable brands providing IT security solutions.

According to Avast, the deal is expected to help it explore growth opportunities in line with increased scale and a wider geographical in its current areas of business as well as emerging areas in IT security that include Internet of Things.

Avast is expected to emerge from the deal with 400 million endpoints (users) including 160 million mobile endpoints all of which will provide additional information on malware.

ICT security is undergoing a number of changes as exposure to risks is redefined by an increased access to the internet via numerous devices.