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Finance

NortonLifeLock Stock Rises on McAfee Buyout Rumors

Like McAfee, two private equity companies, Permira and Advent International, also showed interest in NortonLifeLock. However, the buyout proposal by the two companies was made before the renaming of Symantec to NortonLifeLock.

In September, the private equity companies valued the company at over $16 billion, reported The Wall Street Journal. Permira and Advent International offered a deal of $26 to $27 per share for the consumer software business. However, Symantec rejected the bids provided by Permira and Advent International, as the company was in the middle of selling its enterprise business to Broadcom. Broadcom had wanted to acquire Symantec entirely in July. However, the companies did not agree to a deal price and parted ways. Later, Broadcom acquired only the enterprise unit of Symantec.

View more information: https://marketrealist.com/2019/12/nortonlifelock-stock-rises-on-mcafee-buyout-rumors/

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