UK CMA refers NortonLifeLock-Avast merger to Phase 2; closing delayed to mid-late 2022

Gen Digital Inc.

UK Competition and Markets Authority intends to refer merger to Phase 2 investigation unless remedies offered.
NortonLifeLock says decision is surprising, will not propose Phase 1 remedies, will engage constructively.
Merger timeline delayed to mid-to-late 2022; previously expected to close earlier.
US DoJ, German Federal Cartel Office, and Spanish CNMC have cleared the transaction; UK CMA is only outstanding.
NortonLifeLock remains confident the transaction should be approved.

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