Investcorp had acquired Avira earlier this year for half that price (or $180 million). Before that, Avira had never raised money from any institutional investors.
Headquartered in Tettnang, Germany and effectively founded back in 1986, Avira offers a range of antivirus, anti-malware, VPN and cleanup solutions for devices and networks to "a strong base in Europe and key emerging markets". Its staff numbers around 500 people today.
The deal with NortonLifeLock is expected to close in Q1 2021, subject to regulatory approvals and customary closing conditions.