Cyber firm Avast tops FTSE 100 as it edges closer to US takeover

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Avast said that a "strong performance" had seen it trade in line with expectations in the first half of 2020 despite the coronavirus pandemic.

Cyber firm Avast climbed to the top of the FTSE 100 after NortonLifeLock’s takeover of the British cybersecurity company grew closer after the US conditions for its takeover had been satisfied.

The acquisition still needs the approval of Avast shareholders, who are due to decide on the deal on Thursday. 

Prague-based Avast agreed to be bought by US-based NortonLifeLock in August, in a deal that will see its shareholders receive cash and shares valuing the group at between $8.1bn and $8.6bn.

The firms said the combined business would serve more than 500m cybersecurity customers, including around 40m direct customers.

“This transaction is a huge step forward for consumer Cyber Safety and will ultimately enable us to achieve our vision to protect and empower people to live their digital lives safely,” said Vincent Pilette, chief executive of NortonLifeLock. 

Avast currently specialise in small office protection and endpoint protection for small businesses, and has over 1,700 people in 18 locations globally.

At 14:00 GMT, Avast shares were up 7 per cent at 598.6p on the LSE.