Antivirus software company McAfee LLC is considering a possible “combination” with NortonLifeLock Inc. that would unite the two competitors as a single entity, the Wall Street Journal reported today.

NortonLifeLock is a consumer-focused cybersecurity firm that came into being in November after Broadcom Inc. acquired its former owner Symantec Corp.’s enterprise security business. Under the terms of the acquisition, Broadcom took the rights to the Symantec brand, forcing the consumer-focused unit to rename itself.

McAfee is considering “joining its own consumer business” with NortonLifeLock, the Journal reported. It’s not clear what this would mean, though an acquisition or merger would be the most likely bet. Neither McAfee nor NortonLifeLock responded to requests for comment.

The Journal said any deal is unlikely to be made before the first quarter of next year, since six of NortonLifeLock’s 12 directors, including Chairman Daniel Schulman, are expected to leave following its annual meeting on Dec. 19.

Private equity firms Permira and Advent International are also said to be potential suitors for NortonLifeLock. The Journal reported in September they were considering teaming up to make a $16.4 billion bid for the company, but it’s not clear if they actually did so.

A merger could well prove to be tempting for NortonLifeLock, which recently appointed Vincent Pilette as its new chief executive officer. Pilette told investors during the company’s first ever quarterly earnings call last month that the company was looking to eliminate $1.3 billion in costs going forward. It has already made moves in that direction, cutting its staff headcount by 8% this year and putting up several of its smaller corporate campuses up for sale.

Pilette is likely to be appointed to NortonLifeLock’s board during the company’s annual meeting, something the Journal said would pave the way for more concrete discussions on its plans.

Constellation Research Inc. analyst Holger Mueller said a deal would make sense because consumer cybersecurity is undergoing a sea change at the moment. Consolidation in the sector is being driven by more consumers using mobile apps and a greater trust being placed in website security and operating systems from companies such as Google LLC and Microsoft Corp.

“Consolidation is hitting vendors and it is no surprise that private equity may want to have a play at this game,” Mueller said. “The rivals to the traditional consumer desktop products are taking more market share, so time is of the essence.”

Any deal will likely be complicated by the fact that McAfee is also said to be considering selling itself. The company was reportedly said to be considering filing for an initial public offering back in August, but it has since abandoned those plans due to the “spotty performance” of recent technology IPOs, the Journal said.

Instead, McAfee’s board is now said to be seriously considering an outright sale, and its enterprise and consumer businesses could be sold to different buyers. That would leave the company in a similar situation to what Symantec found itself in.

Photo: NortonLifeLock/YouTube