Network Associates Inc., a fast-growing security software company, agreed to buy Dr. Solomon’s Group PLC for $670.7 million in stock as it battles with Symantec Corp. to be the top maker of programs that guard against computer viruses.
Network Associates will pay about 0.83 share for each American depositary receipt of Dr. Solomon’s, the U.K.’s No. 1 maker of software that protects against viruses that damage computer files.
That values each Dr. Solomon’s ADR at $36.36, 13.2 percent more than Monday’s close.
The purchase bolsters Network Associates’ McAfee and other security programs as the company takes on Symantec and its popular Norton software.
Virus protection is the fastest-growing established part of the software industry as companies seek to safeguard their data when they hook up personal computers to the Internet and corporate networks.
“The two combined stand a much better chance of conquering the U.S. market,” said Ingrid von Hentschel, an analyst at Beeson Gregory Ltd.
“It also gives Network Associates good entry into the U.K. and the ability to grow in the rest of Europe,” she added.
