Breaking: Avast has acquired rival AVG for $1.3 billion!

Security software firm Avast Software has acquired rival AVG Technologies in a deal worth $1.3 Billion.

The security firm will pay $25 in cash for each of AVG’s outstanding ordinary share.

AVG was founded out of Czechoslovakia in the early 1990s initially as Grisoft and is one of the biggest brands in desktop and mobile security apps.

With the acquisition, Avast becomes a security software giant, with access to “400 million devices that have some form of Avast or AVG application installed. The company will also have a bigger pool of data on malware, making it better positioned to offer better security products.

Avast expects the transaction to close between September and October 2016.