Avast To Buy AVG In $1.3 Bln Deal; All-cash Tender Offer Valued At $25.00/shr

(RTTNews) - Avast Software, and AVG Technologies N.V., (AVG) announced they have entered into a purchase agreement in which Avast will offer to purchase all of the outstanding ordinary shares of AVG for $25.00 per share in cash, for a total consideration of approximately $1.3 billion. The transaction has been unanimously approved by the Management Board and Supervisory Board of Avast. The Management Board and Supervisory Board of AVG approved and support the transaction and recommend the offer for acceptance to the AVG shareholders.

Separately, AVG Technologies N.V. reported preliminary revenue results for the second quarter ended June 30, 2016. For the second quarter, AVG is estimating revenue to be in the range of $104 million to $106 million. The company expects to disclose final financial results, including revenue, for the second quarter ended June 30, 2016 as soon as practicable.

AVG is a leading provider of software services to secure devices, data and people. AVG's consumer portfolio includes internet security, performance optimization, location services, data controls and insights, and privacy and identity protection, for mobile devices and desktops.

In business for over 25 years, Avast Software is one of the early innovators in the security business, with a portfolio that includes security and privacy products for PC, Mac, Android and iOS, and premium suites and services for business.