NLOK - NortonLifeLock falls after U.K. says Avast purchase may face in-depth investigation

NortonLifeLock (NASDAQ:NLOK) dropped 7.8% in premarket trading after the U.K.'s antitrust regulator said the company's $8.6B planned purchase of Avast (OTCPK:AVASF) may face in-depth probe due to competition concerns. "As the companies are close competitors, with few other significant rivals, the Competition and Markets Authority ("CMA") is concerned that if completed the proposed deal could lead to a reduction in competition in the UK market," the CMA said in a statement on its website. "This could lead to UK consumers getting a worse deal when looking for cyber safety software in the future." The U.K. Competition and Markets Authority's antitrust review of the Avast deal is the final regulatory condition to close. The CMA inquiry has moved to a Phase 2 investigation from a Phase 1. With the commencement of a Phase 2 review, NLOK now expects to close the transaction in mid-to-late 2022, the company said in a statement. "NortonLifeLock remains confident that the

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NortonLifeLock falls after U.K. says Avast purchase may face in-depth investigation