Avast Software to buy Dutch rival AVG for US$1.3bil

An AVG logo is seen during the International CTIA WIRELESS Conference & Exposition in New Orleans, Louisiana May 9, 2012. REUTERS/Sean Gardner

Security software company Avast Software said it would buy Dutch rival AVG Technologies for US$1.3bil (RM5.25bil) in cash to expand its presence in the emerging markets. 

Avast said it will pay US$25 (RM100.99) per AVG share, representing a 33% premium to AVG stock's closing price on July 6.