Czech anti-virus software maker Avast Software will take over its Dutch rival AVG Technologies for 31.7 billion Czech koruna (1.17 billion euros, $1.3 billion), the two companies said Thursday.
"Combining Avast's and AVG's users, the organisation will have a network of more than 400 million endpoints, of which 160 million are mobile," Avast and AVG said in a joint statement. "The transaction is structured as an all-cash tender offer for all outstanding ordinary shares of AVG at a price of $25.00 per share in cash," they added.
Approved by both companies' boards, the transaction is due to close in September or October. The Prague-based Avast and AVG, which is based in Amsterdam and listed in New York, were both founded in the Czech Republic at the turn of the 1980s and 1990s.