McAfee spun out of Intel to become standalone firm

News Broadband Global 4 APR 2017
McAfee spun out of Intel to become standalone firm

Intel has announced the completion of the deal with TPG to spin out McAfee from its Intel Security unit. In a statement, Intel said McAfee has now begun operating as a new standalone company, joining rivals such as Symantec as one of the world’s largest pure-play cybersecurity firms. The move comes after Intel last year sold a 51 percent stake in McAfee to TPG for USD 3.1 billion, valuing the company at USD 4.2 billion, after acquiring it for a total of USD 7.7 billion in 2010.

McAfee will continue to be led by CEO Chris Young and Intel will continue to collaborate with the provider, which said its new independence will allow it to pursue “pure-play” cybersecurity. “With so many different elements of the threat landscape, a cybersecurity company needs to develop technology from a different place than a semiconductor company,” McAfee chief technology officer Steve Grobman told website TechCrunch.

Categories:

Internet,  IT

Companies:

Intel,  McAfee,  Symantec,  TPG

Regions:

Global

Tags:

Production planning & operations, Security, Corporate strategy, M&A buyouts & divestments, Marketing - Branding

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